President Joe Biden's $1.9 trillion COVID-19 relief plan includes a third round of stimulus checks worth $1,400 for Americans. The payments could be months before reaching your bank account, but it could extend a helping hand to millions of households suffering from the pandemic's economic effect, analysts say.
The relief package called the American Rescue Plan faces pushback from some Republican lawmakers. The party resisted the Democratic efforts to pass a $2 trillion bill last year as well. Hunter Hammond, Heights Securities analyst, expects the package to be trimmed to $1 trillion or $1.5 trillion, as per CBS News.
However, most analysts think lawmakers will back the idea of $1,400 stimulus payments, which economists believe is a lifeline for many cash-strapped workers who became unemployed or seen a plummet in their income during the COVID-19 pandemic.
Meanwhile, Senate Majority Leader Chuck Schumer said he is also aiming to pass the third round of stimulus aid by mid-March, according to Bloomberg.
Since the Internal Revenue Service (IRS) orchestrated both stimulus tax refunds and returns and allotments, tax season adds extra stress. Here is what we know on how much money each qualified individuals could expect in the third stimulus check and when it could come, according to CNET:
Could some people still end up getting $2,000 stimulus checks?
The stimulus plan calls for the next stimulus check to max out at $1,400 per qualified adult and not the initially expected $2,000. The third stimulus check increases the $600 maximum payment in the second stimulus check to $2,000 once you combine the total payment per-person without factoring in the dependents.
It is unclear why Biden chose $1,400 as the maximum payment instead of $2,000, but there has been opposition to a $2,000 stimulus payment. A more extensive stimulus check could push Biden's proposal over the threshold if he tries to keep the proposal below $2 trillion.
Read also: Third $1,400 Stimulus Checks: Democrats Make It Their Priority as They Take Control of the Senate
Will other stimulus check qualifications change?
Two changes have been proposed among Democratic lawmakers. The first would expand the qualifications to dependents of any age, including 13.5 million people, like older adult relatives, college students, and children of all ages with disabilities, as per the People's Policy Project.
Next, the change to eligibility would include "mixed status households" with one or more family members who are not U.S. citizens. If parents are not U.S. citizens, but their children were born in the U.S., they could still receive payments.
Read also: Third Stimulus Check: If These Chances Happen, You May Receive up To $2,000
When could Congress vote for the next stimulus bill?
The plan is to bring a bill to the floor shortly after, although the House of Representatives will not be in session again until Monday. On Thursday, House Speaker Nancy Pelosi said in a press conference, "We will be doing our committee work all next week so that we are completely ready to go to the floor when we come back."
It is unclear if the work will sweep the stimulus package as suggested by President Biden or a smaller bill that focuses on the third stimulus check and COVID-19 vaccine distribution.
