The third stimulus check of up to $1,400 per person likely to come with President Joe Biden's $1.9 trillion stimulus package is finalized. Two new details surfaced this week that helped paint a clearer picture of when a more "targeted" third stimulus check could arrive.
According to House Speaker Nancy Pelosi on Thursday, "We hope to have this all done by the end of February. Certainly on the president's desk in time to offset the March 14 deadline where some unemployment benefits would expire," reported CNET.
Third Stimulus Check Update
Filing your tax return early this year could also mean a larger third stimulus check. For others, filing early could result in a lower stimulus check. Should you file early or file later? The camp you are in generally depends on any major changes to your family or financial situation in 2020.
The check is conditional on which direction the president and Democratic leaders decide to go as a proposal makes its way through committees in the next few weeks, with the initiative of additional relief being finalized by mid-March. An aggressive timeline will test the new administration and Congress's capacity to carry out, reported Fox 8.
The goal is to move a final bill to the Senate before the end of the month and on Biden's desk before the expiration of March 14 benefits. (The Senate is currently occupied with former President Donald Trump's ongoing impeachment trial).
In its current form, the American Rescue Plan would involve an improved child tax credit, more unemployment benefits, and more aid for millions of Americans in a dire economic situation due to the COVID-19 pandemic. Democrats dominate both Congress houses and have signaled their aim to pass stimulus legislation on a straight party-line vote if necessary.
Also Read: Third Stimulus Check for the Elderly: Changes, Rules for Retirees, SSI, Veterans
As the process advances, House and Senate committees will discuss spending objectives before drafting and voting on legislation. Economists at Goldman Sachs expect this to transpire later in the week of February 8.
Across the nation, numerous people are unemployed and are in dire need of a third stimulus check.
The third stimulus check could be on Biden's desk for approval by March 14.
The House Ways and Means Committee approved measures on Thursday. People earning up to $75,000 and couples earning up to $150,000 would receive the full amount.
Under the plan-making progress in the House Ways and Means Committee, the next stimulus bill would transfer $1,400 to qualified people and expand the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC). The three programs would offer a 33 percent boost to the pre-tax incomes of the poorest 20 percent of Americans -- or a $3,590 hike per family -- as stated by the Institute on Taxation and Economic Policy.
The proposal was passed following a 25-18 vote along party lines. However, this does not mean the bill has been officially passed yet. That is just one of the stages in the reconciliation process that Democrats are using to pass the COVID-19 relief package without Republican support, reported AS.
