A third stimulus check is finally coming. Along strict party lines and with every Republican lawmaker voting against, the U.S. Senate moved forward on Saturday with the legislation officially titled “American Rescue Plan.”
The $1.9 trillion measure is designed to help the individuals, institutions, and local governments whose budgets have been decimated by the global pandemic. But in what ways are you likely to benefit?
Whether it’s the much-talked-about $1,400 stimulus check, assistance with your rent or a quicker vaccine rollout in your community – keep reading to find out how this plan is likely to affect you and yours.
Stimulus check date: Payments likely starting within days
Estimates are that about 90% of Americans will receive a payment – $1,400 for individuals earning $75k or less (or half of a couple whose total income is $150k or less). Individuals earning over $80k (for couples, $160k) won’t receive a payment, and there’s a sliding scale for the window between $75k and $80k (or $150k and 160k). Families can expect to receive an additional $1,400 for each dependent.
And what about timing? Lawmakers in the House have pledged to vote on the bill no later than next Sunday, March 14. But there are reports that the vote could come as early as tomorrow. If so, here’s how the rollout could look:
Tomorrow (Tuesday, March 9):
All indications are that the House, too, will vote along party lines; the 221-211 Democratic majority in the House means the package may pass with few changes.
Wednesday, March 10
President Biden will likely sign the bill into law the day after it passes the House.
This Friday, March 12:
Based on how things worked with the last round of stimulus, Friday is the first day that direct-deposit payments could land in the accounts of people whose bank information is on file with the IRS.
Next Week, beginning Monday, March 15
Actual paper checks will be mailed to those whose bank information is not on file. If that’s you, you’ll likely wait 7-14 days from the day the bill passes to receive your check.
Irrespective of the exact dates, Biden has pledged that Americans will see the money in March: “This plan will get checks out the door starting this month to the Americans that so desperately need the help,” the president said.
How you’ll get your stimulus check
Most people won’t have to do anything to receive their payments. How you’ll get it depends on a few factors:
What else is in the Rescue Plan?
In addition to the direct stimulus payment and the dependent-child credit, The American Rescue Plan provides these additional benefits to individuals:
Experts agree that economic recovery will take much more than a series of individual payments. In its roughly 600 pages, the plan provides resources for restaurants and bars hurt by the pandemic and to schools, colleges, and universities to enhance safe in-person instruction and defray pandemic costs.
The plan also provides for expanded COVID-19 testing, contact tracing and money for state, local, and tribal governments facing pandemic-related budget shortfalls. We’ll look at the details of these payments in the coming days.