$ 1.9 Trillion COVID-19 Relief Bill Towards Friday Milestone: What We Know Today
Congress is rushing to finalize a $ 1.9 trillion stimulus package with $ 1,400 checks over the next few weeks. Here’s what you need to know about where the bill is.
This Friday, the $ 1.9 trillion growth stimulus bill is expected to cross an important milestone on its path to adoption. Majority Leader Steny Hoyer tweeted that the House of Representatives will bring the bill to a vote on February 26. Following a House vote, the COVID-19 relief package will go to the Senate and then, if Democrats can stick to their schedule, to the president. Joe Biden will sign no later than March 14th. Once signed, the package will send a third round of stimulus checks, extend federal unemployment benefits, and increase funding for the spread of the coronavirus vaccine.
However, there are only a few weeks left until mid-March. During this time, the Senate and House of Representatives must agree on outstanding issues in the bill, including the issue of raising the country’s minimum wage and canceling student loan arrears. To get around the barriers to passing the bill, Democrats rely on a piece of legislation called budget reconciliation. The procedure will allow them to bypass the expected Republican opposition, but at the same time contains strict instructions on what lawmakers can and cannot include in the bill. For example, a Democratic plan to raise the minimum wage may go beyond these limits.
If it manages to meet the tight deadline, Congress could provide a new stimulus payment next month, right in the middle of tax season (which is why it matters). Here’s everything a package might contain. This story is regularly updated with new information.
What is the timeline for an incentive bill?
Following an expected Friday vote in the House of Representatives, the Senate will pass the bill. While Senate Democrats have already agreed to most of the law, parts of it, such as the minimum wage, are still under discussion. Once the House and Senate come to an agreement, the bill will be submitted to the President for signature by mid-March. Below is more detailed information about the account.
Third incentive check for $ 1,400 with income cap
The $ 1,400 incentive check looks set. Democrats in Congress, however, are considering new rules to target or limit checks for lower-income individuals. Under these proposed eligibility rules, some eligible for the first two payments cannot make a reduction for the third. A hard ceiling on income, designed to eliminate the possibility of higher-paid individuals receiving a check, will be accompanied by a change in the rules for using dependents in the incentive test formula. Check out our Incentive Payout Calculator to see how this might work for you.
The new proposal gives the IRS a December 31st deadline of this year to complete sending incentive checks
For this third round of payments, Democrats in Congress are pushing for adult dependents and children and families of mixed citizenship to be included. Here are all the ways a third check can make more money, or how you can get less or even be disqualified. Here’s what happens to your amount if a check arrives during tax season. Here’s how the third check compares to the first two payments.