The House of Representatives is expected to vote Friday on President Biden’s $1.9 trillion coronavirus relief plan that includes another round of stimulus payments.
Likely to pass the Democrat-controlled House, the measure will then head to the Senate, where the parties are split 50-50 with Vice President Kamala Harris responsible for the tie-breaking vote. Democrats are pushing to have the package passed in time to allow for the president to sign it before March 14 when federal unemployment payments are set to expire.
The package includes a third round of stimulus payments: $1,400 payments to single people, $2,800 for married couples and $1,400 for anyone classified as a dependent. Individuals earning less than $75,000 and couples earning less than $150,000 would be eligible for a full payment, with amounts dropping incrementally above those levels. There are income eligibility caps - $100,000 for individuals and $200,000 for couples. People earning above the cap aren’t eligible for a payment.
Income amounts will be based on 2019 or 2020 tax filings.
If approved, the IRS could begin sending out payments quickly, first to those who have banking information on file followed by distribution of paper checks or debit cards.
Wonder how much you could receive?
Forbes has developed a stimulus calculator to give you an estimate on how much you could receive in the third stimulus.
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February 24, 2021 at 07:10PM
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Stimulus calculator: How much will you get from $1,400 stimulus payment? - AL.com
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