How is your Stimulus Check affected by Trump’s Acquittal?
There is now a new update in the third round of stimulus check’s timeline following Former President Trump’s Acquittal. The House and Senate are now taking a recess this week which will further delay Congress being able to move forward with the third round of stimulus checks and other relief for the American people.
This recess will last until the 22nd of February. On this day, lawmakers will reunify and will continue working on the remaining details of the proposed $1.9 trillion relief plan. House Speaker Nancy Pelosi is hoping the new relief proposal can be approved by the end of the month and in the president’s hands before unemployment benefits run up on March 14th.
Curious about the third round of stimulus checks? Learn everything you need to know here or read more below.
How to get your stimulus check faster?
With COVID-19 still being very present and continuing to shake our economy, president Joe Biden has proposed another $1.9 Trillion stimulus package to help the American people. Although this stimulus package has the same intentions as the first two, it make look a little different with new inclusions and a tighter income cap.
Before we dive too deep into what these changes may look like, it is good to know that nothing is set in stone yet, these are just changes that we may see in this third round of stimulus money. With that being said, new inclusions could include 17-year olds, college students, adult dependents with qualifying disabilities and children who were born in the U.S. but have undocumented parents. This would mean another $1,400 for parents or guardians of these groups.
As mentioned before, while new groups may be included in this round, some who were included before might be edged out of receiving this third stimulus check. This is due to lawmakers wanting to have a tighter income cap to ensure they are sending out these checks to those who need it most.
If you’re among the groups receiving the third round of stimulus money, you’re probably going to be interested in receiving yours as quickly as possible. Here’s some tips that might help move your money along quicker:
- Get your 2020 taxes filed and make sure to sign up for direct deposit. When it comes to distributing the stimulus check, those with direct deposit have priority.
- Make sure you have an up-to-date and accurate address with both the IRS and the U.S. Postal Service.
Overall, we should expect to know more solid answers by the end of the month into early March even with the above-mentioned delay. The most you can do now is take the above-mentioned tips to make sure your money gets to you as quickly as possible. In addition to that, stay safe, stay informed and stay healthy!
Do I get a $1,400 stimulus check?
The first two government stimulus checks — $1,200 for the first round and $600 for the second round — also set income thresholds that made higher-income households ineligible for the payments. In both earlier rounds, single people who earned up to $75,000 and married couples who earned up to $150,000 received the full payments.
People with higher earnings got smaller payouts as their incomes rose, until the payments cut off entirely for higher-income families. In the first round, the phaseout stood at $99,000 for single people and $198,000 for married couples.
In the second round, the phaseout was slightly lower — $87,000 a year per single person and $174,000 per married couple. But that was a function of the smaller size of the checks, given that the law reduced both checks by 5% for every $100 earned above the income limits for full payments.
Recent economic research indicates that finances have stabilized for many middle- and higher-income families who have managed to work from home during the coronavirus pandemic. That is stirring debate among lawmakers and experts over whether the direct aid should be targeted toward lower-income households, who are more likely to feel the ongoing economic impact of COVID-19 and its spread.
Households earning under $78,000 annually quickly spent their second stimulus checks after receiving them in January, while those with incomes above that level socked away most of the money, according to research from the Opportunity Insights Economic Tracker, a nonprofit group led by Harvard economics professor Raj Chetty.
“Since the middle of June, the recession in jobs for higher-income households is over — employment has been just like it was before the pandemic” because their jobs can be done remotely, Michael Stepner, an economist with Opportunity Insights, told CBS MoneyWatch.
Are there new income limits to get a check?
Not yet, as nothing has been decided. Still, Mr. Biden has expressed a willingness to negotiate, with the president saying he would insist on $1,400 checks while suggesting he was willing to direct the checks to people who need the most help.
That could result in Democrats lowering the income threshold to qualify for a payment to single people who earn $50,000 or less and married couples with income of $100,000 or less, according to the Washington Post. If that occurs, millions of households who received the prior two stimulus checks likely wouldn’t qualify for the third.
For instance, the IRS said it sent 30 million payments to households earning more than $75,000 during the first round of stimulus checks. Under the income thresholds reported by the Washington Post, it’s likely many of those households wouldn’t qualify for the full $1,400 check.
But on February 8, House Democrats pushed back on those lower limits, proposing to keep the income thresholds at the same level as for the previous checks. That would ensure the full $1,400 relief payments would go to individuals making $75,000 or less, while couples earning $150,000 would be entitled to $2,800 relief payments. The payments would ratchet down for incomes above those levels, phasing out entirely for single people earning $100,000 and couples earning $200,000.
“There is a discussion right now about what that threshold will look like. A conclusion has not been finalized,” said White House press secretary Jen Psaki.
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Sources: CBS News