With the Senate having passed the COVID-19 relief bill on Saturday, a third stimulus check is soon to follow. With much practice transferring COVID-19 relief payments to Americans, the federal government should be able to initiate the delivery of $1,400 stimulus checks almost immediately. This would be once Congress finalizes the new coronavirus aid bill, and President Joe Biden signs it.
US Could Send a $1,400 Stimulus Check Within Days
Several Americans could receive direct payments as soon as this week if the bill passes the House on Tuesday as anticipated. This is compared with many weeks' lag in April last year.
President Biden is on course to sign a $1.9 trillion coronavirus package within days. This marks his first significant legislative achievement almost two months into his tenure. The Senate approved the sprawling American Rescue Package on Saturday following a marathon day of voting, reported Markets Insider.
The final passage is slated in the House on Tuesday. According to Biden, he would sign the measure immediately once the House passes the aid, reported News Nation.
The Senate's approval is prompting questions regarding when the stimulus checks could land in millions of bank accounts. This is particularly for those who are coping with work or income loss. The bill will be transferred back to the United States House of Representatives this week for the concluding approval, considering that the Senate and House versions of the COVID-19 relief bill have some differences before heading to the president for his signature.
Sixteen million Americans are now unemployed. According to Representative Debbie Dingell of Michigan, several people will possibly witness the payments hit their accounts through direct deposit early next week. The first series of checks will be starting the week of April 13. The first series is anticipated to involve 60 million payments to Americans.
The president declared that the American Rescue Plan would overturn the course of the pandemic. It aims to build a bridge towards economic recovery and invest in racial justice. The package will address the stark, intergenerational inequities that have aggravated in the wake of COVID-19, reported the White House.
The Treasury Department's IRS will have new challenges on its hands, though. This is courtesy of the $1.9 trillion relief plan. Incarcerated people, relatives of those who died in 2020, and those with non-citizen spouses will be qualified for payments.
Child Tax Credit
The bill also involves an expanded Child Tax Credit of a maximum of $3,000 per child, paid monthly beginning in July. This essentially forces the revenue collector to act as a benefits administrator for the rest of 2021. The IRS, which has over 70,000 employees, oversees more than 190 million individual and corporate tax returns per year. However, it has been hobbled by obsolete technology and budget cuts in recent years.
Now, the House is anticipated to vote on the bill in its final form on Tuesday after making a stop at the Rules Committee. Democrats are rushing to implement the package ahead of a March 14 deadline to conclude enhanced unemployment benefits. A U.S. Treasury spokesperson stated that the Biden administration's priority was to accelerate relief to Americans.
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