The time just got clearer as to when the next stimulus checks will be sent out with President Joe Biden's fiscal stimulus plan. Democrats are moving ahead, and among the biggest winners are parents.
Here's a look at what it means and the update on the third round of stimulus checks' timing, based on a recent Pelosi forecast.
When will you receive another stimulus check?
The next stimulus checks of up to $1,400 are part of the $1.9 trillion COVID rescue package of President Biden, which is stirring through Congress using a framework that will allow simple majorities for it to push through. That means Democrats, with no Republicans on board, will get the job done.
Even so, Democrats believed that by tightening the income limit for receiving a check, they might attempt to gain any Republican support. House Democrats suggested Monday night that the latest stimulus checks will go on with the same income limits as before, ensuring that one who had a full payment last time will also get another in the third round.
According to Yahoo Finance, the Congressional leaders seem to be confident about immediately bringing the next stimulus checks out. House committees started to lock down final details of the legislation on Wednesday, and the work is scheduled to end on Friday.
Speaker Pelosi says the House can see the finish line. "We hope to have this all done by the end of February," Pelosi said during a news conference on Thursday, noting that a bill should be on the President's desk by the first part of March. You may expect the next stimulus checks under that timeline as soon as late March.
Read also: Sanders: It Is Bad Politics That Those Who Got Their Stimulus Check From Trump Will Not Get Them From Biden
Democrats aim to support families with the next round of stimulus checks
Last month, the President rolled out a $1.9 trillion relief program intended to enhance the recovery of the U.S. economy from the coronavirus recession. The most-talked-about parts of the law include direct payments of $1,400 and an extension of federal unemployment benefits, but the program could also support American families.
Read also: Pelosi Claims $1,400 Third Stimulus Check To Pass Before February Ends
Here's how, during the coronavirus recession, Biden and congressional Democrats hope to help parents, from an increased child tax credit to new child care provider support, as per the Business Insider:
- $3,000 in direct annual payments
On Monday, Congressional Democrats suggested that the American Family Act form a crucial part of Biden's rescue plan. The child-tax-credit initiative will provide $3,600 per child 5 and under and grant $3,000 per child aged 6 and 17. For American families, that will be up to $300 in monthly cash benefits per child.
The proposal will be set up as a one-year federal emergency program. The IRS distributes monthly benefits starting July 1 to minimize childcare costs burdens and help families that lost income during the COVID-19 pandemic. But some experts claimed the timetable is ambitious, considering the tax season and the coronavirus pandemic.
The former head of the Taxpayer Advocate's Office, Nina Olson, noted that the IRS spent years building a framework for Obamacare's premium tax credit. Olson told Politico that it's fine to allow the payments, but at least 18 months lead time is needed. "Otherwise you just get something that is tacked on to mid-20th-century technology that is completely inflexible."
- 'Baby bonds'
Last week, Democrats announced a bill to build savings accounts of $1,000 for each American child that becomes accessible when they turn 18. The bill, supported by New Jersey Sen. Cory Booker and Massachusetts Rep. Ayanna Pressley, will contribute up to $2,000 annually to each child's account.
Pressley said that it would fight social and economic inequality and set Americans up for brighter futures by adopting this so-called baby bond as a birthright.
- Child Care assistance
Childcare will constitute a $40 billion chunk of the package, with $25 billion budgeted by healthcare providers for an emergency stabilization fund. In July, a survey by the National Association for Young Children's Education showed that almost four in 10 providers said they planned to close permanently if the government did not offer funding.
The initiative further aims to include a tax credit for up to half of parents' childcare expenses for children under 13. For one child or $8,000 for two children, the credit could reach up to $4,000. For households with more than $125,000 a year, the full 50 percent rebate will continue to be phased out.
- School aid
The administration calls for $130 billion to reopen and reconstruct K-12 schools and support an education system strained by the pandemic. Biden's website says these grants are intended to help keep schools a safe environment through the pandemic.
The plan outlines smaller class sizes, adjusted social distance rooms, better sanitation, personal protective equipment requirements, and expanded transportation to ensure buses' social distance.
In measures like increased learning time and counselors, some of the funds will be used to meet students' academic, social, and emotional needs.
