Yesterday on Wednesday, March 10, 2021, The House approved the final version of President Biden’s $1.9 trillion coronavirus relief bill, a legislative victory that will include a third round of stimulus checks for most Americans.
The measure will soon head to Mr. Biden’s desk, where he is expected to sign it on Friday. After the bill is signed into law, the IRS could begin delivering the checks within one to two weeks, based on the time frame for the previous round of checks.
Fewer Americans are likely to receive checks in the third round of stimulus payments because the bill tightens the income threshold for qualifying for the $1,400 checks compared with the previous two rounds of direct checks.
The American Rescue Plan directs the $1,400 direct payments to individuals earning up to $75,000, but cuts off eligibility for single people earning more than $80,000. For couples who file a joint federal income tax return, the phase-out begins at those making $150,000 and ends at $160,000. People who file their taxes as head of household will receive the full $1,400 if they earn less than $112,500, while the payments will be cut off for those earning more than $120,000.
To see how much you might receive, you can use this Omni online calculator to determine whether you qualify and your potential payment.
In addition to the $1,400 checks, the bill provides funding for small businesses; offers families with kids a tax break of up to $3,600 per child; and boosts government spending on COVID-19 testing and contact tracing.
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