On Thursday, President Joe Biden signed into law the $1.9 trillion American Rescue Plan, paving the way for his administration to offer millions of Americans with higher unemployment, direct cash assistance, and other coronavirus relief.
President Joe Biden's decision came after the law was passed by the House on Wednesday and the Senate on Saturday. Before signing the law, Biden stated, "This historic act is about restoring the backbone of this country and providing individuals in this country a fighting chance."
According to White House press secretary Jen Psaki, the first wave of direct deposit cheques will be in Americans' bank accounts as early as this weekend. Payments are expected to continue for the next few weeks. In a new commercial pushing the stimulus plan, Biden claims that more than 85% of individuals would receive one of the $1,400 checks.
Anti-poverty and unemployment experts praised the nearly $2 trillion pandemic package, saying the $1,400 checks, as well as other provisions like extending the $300 per week extra jobless aid for millions of unemployed people and expanding the Child Tax Credit for low-income households, will help families pay their bills and lift children out of poverty.
According to the Pew Research Center, over half of Americans are still in financial distress one year after the pandemic slowed down the economy and resulted in significant layoffs.
When Will New Stimulus Checks Arrive?
The plan would transfer $350 billion to state, municipal, and tribal governments to cover expenditures incurred until the end of 2024. The plan also mandates small states to get at least the amount granted under viral legislation enacted by Congress last March. Schools will gain as well, with an additional $130 billion in spending earmarked for kids in kindergarten through 12th grade.
College and university spending would be increased by nearly $40 billion, with the funds used to pay pandemic-related expenses and offer emergency relief to students to cover costs such as food, housing, and computer equipment. In addition, $28.6 billion would be allocated to a new initiative aimed at restaurants and bars affected by the pandemic. Other initiatives include rental and homeowner aid, as well as increased assistance to help individuals pay for health care costs under the Affordable Care Act.
The last two waves of stimulus cheques took days to months to reach customers' bank accounts and mailboxes. The second stimulus check, which was authorized at the end of December, was sent more quickly than the first, with some recipients receiving their reviews just days after the measure was signed into law.
How To Be Eligible For Stimulus Checks in 2022?
The primary factor of whether or not a person will receive a check is his income. A single individual will pay $1,400 while a married couple filing jointly would pay $2,800. Only individuals earning up to $75,000, as well as married couples earning up to $150,000, would be eligible for the total payments. Payments would be reduced for incomes over such limits.
The law excludes single persons earning more than $80,000 and married couples earning more than $160,000. The cut-offs for the first stimulus check were higher, at $100,000 for individuals and $200,000 for married couples.
Some politicians argued that the checks should go to lower-income families, citing evidence that showed higher-income people are recovering from the economic burden of the epidemic. Other research, however, indicates broad financial distress across the country, with the number of Americans suffering financial difficulty remaining unchanged from December, according to Morning Consult economist John Leer.
The third batch of $1,400 checks would allow over 23 million individuals to meet their bills for more than four months without incurring further debt or depleting their savings.
Fresh Stimulus Checks Could Be Bad News
A fourth stimulation check would be unwelcome for one simple reason. The federal government only grants stimulus funds when it believes it is vital to stimulate the economy or assist citizens in dealing with a financial crisis.
To get another stimulus payment, the country would need to be in a serious recession or the COVID-19 pandemic would need to worsen, maybe due to a more virulent strain that the vaccines were ineffective against. Nobody wants these things to happen even if it means sending out another payment.
Although you should not expect a fourth check from the federal government owing to the implications for the country, things are different when it comes to financial assistance from your state.
As a result, many local governments have ended up with a budget surplus. Some of this money is being distributed to people in the form of various sorts of stimulus checks in a number of states. The issuing of these payments isn't directly tied to any financial crises since the government is only dispersing extra monies.
So, if you want another stimulus payout this year, your best bet is for it to come from your state. By visiting the website of your local Department of Revenue, you can find out if the location where you live is one of those accepting payments, The Motley Fool via MSN reported.
Related Article: Republicans Slam Joe Biden's $10,000 Student Loan Forgiveness: "This Is Not a Harmless Policy'
@YouTube
