Waiting on your third stimulus check? Here’s when you can expect it
With the COVID-19 pandemic still raging throughout America, people are wondering when their third stimulus check will be arriving. Due to soaring unemployment and the closing of businesses across the country, people are in dire need of more funds. So when can you expect this check? Here’s everything we know about the new relief package.
The new bill
On Saturday, President Joe Biden came a step closer to getting his proposed $1.9 trillion stimulus bill passed, including $1,400 checks for a majority of Americans. The package would also give billions of dollars to important causes that have suffered from the pandemic, such as schools, local government, and various businesses. The bill is now in late stages of negotiating, and is currently headed to the House for another vote.
Are you eligible for the third stimulus check?
Per the language in the bill, most Americans will be eligible for the third stimulus check. For a single taxpayer, the payment will be $1,400, and for a married couple who files their taxes jointly, the payment will be $2,800. Those who earn less than $75,000 are eligible for the full check, as well as married couples who earn less than $150,000 combined.
Though the bill is flexible, those who are making more than this likely won’t see the full amount. The bill will cut off at individuals who make over $80,000, and couples who make over $160,000. According to the U.S. Census Bureau in 2019, however, most people don’t fall into these categories; the median income that year was $68,703.
When will the money start coming in?
As people eagerly await their third stimulus check, it looks like an end is in sight. Senate Majority Leader Chuck Schumer recently stated his tentative goal is to get the legislation on Joe Biden’s desk by March 14th. As Biden has already stated intentions of signing off on the package, it seems as though the rest of the process will be smooth sailing, (fingers crossed!).
And, luckily for us, the devil works fast, but the IRS works even faster. Once the bill is signed, payments could start going out within a number of days. So, don’t forget to check your bank accounts on March 15th, at the earliest. You might be in for an exciting surprise!
Will unemployment benefits change?
Currently, the Senate and the House are divided on their hopes for the future of unemployment. The Senate wants to continue offering $300 a week in employment benefits through September 6th, 2020, while the House wants to give $400 a week until August 29th.
In question are also a couple unemployment programs that have been helping people stay afloat amid this economic crisis. The Pandemic Unemployment Assistant program gives benefits to independent contractors, gig workers, and freelancers. The Pandemic Emergency Unemployment Compensation program, on the other hand, increases the amount of money given to people already receiving unemployment.
If current benefits aren’t extended through these vital programs, around 11.4 million people will start to see their cash flow waning as early as next weekend, according to the Century Foundation.
Biden emphasized the importance of a third stimulus check, as well as extended benefits, to reporters in the White House on Saturday: “The nation has suffered too much for too long. And everything in this package is designed to relieve the suffering and to meet the most urgent needs of the nation, and put us in a better position to prevail.”
Though nothing has yet been finalized, it looks like things are moving in the right direction. Hopefully a third stimulus check will keep us moving on the path toward the light at the end of the tunnel.