President Joe Biden has signed a sweeping pandemic relief package over Republican opposition that provides direct payments of up to $1,400, extends emergency unemployment benefits and boosts spending for COVID-19 vaccines.
Getty Images
We re inching closer to a third stimulus check. After some unexpected delays, Congress finally passed the bill containing President Biden s $1.9 trillion stimulus package on Wednesday afternoon. The bill will now be sent to the White House, where President Biden is expected to sign the legislation on Friday.
However, the stimulus check plan in the original version of the bill is different than what s found in the final bill. While in the Senate, a more aggressive stimulus check phase-out (i.e., reduction) rate was added. The new rate made the stimulus check provisions more targeted to people who need assistance the most. As a result, according to the Institute on Taxation and Economic Policy, nearly 12 million American adults who would have received a partial third stimulus check under the original bill won t get any payment under the final bill.
President Joe Biden has outlined his plan to make all adult Americans eligible for vaccination by May 1 - and he raised the prospect of beginning to gain what he called "independence from this virus" by the Fourth of July.
According to the Penn Wharton Budget Model, nearly 90% of American households will be eligible for the third stimulus check. Here's what you need to know.
Dependents will also receive the stimulus payment which means a family of four could get $5,600.
On top of that, the current $2,000 child tax credit has been increased too. $3,600 per child up to age five and $3,000 per child from ages 6 to 17. It would be nice to have help instead of using your last to pay rent, said Kia Fowler.
In addition, the tax credit will be refundable, which means you can receive the money even if your tax bill is zero. Making the tax credit fully refundable is an incredibly smart and targeted way to help those who are most in need, said Kathy Fisher of the Greater Philadelphia Coalition Against Hunger.