A third coronavirus relief package passed in the U.S. Senate over the weekend and soon the House will vote on the $1.9 trillion bill which would provide another round of checks for most Americans.
The House is set to vote on the coronavirus relief bill Wednesday morning. If it’s approved it then heads to President Joe Biden’s desk to be signed. However, there were some major changes in the bill passed by the Senate versus what passed the House last week. The bill is expected to pass and lawmakers will likely vote along party lines.
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Under the last two bills, everyone got stimulus checks but under this next round, the Senate and Biden tightened the restrictions.
Under the Senate bill, the cash payment would phase out for singles with incomes above at $80,000 and for married couples, it stops at $160,000.
Most Americans will still be getting the full amount under either bill. The median household income was $68,703 in 2019, according to the U.S. Census Bureau.
The Senate bill would also offer extended benefits for unemployed individuals impacted by the pandemic through Sept. 6 at $300 a week.
Biden said Monday he plans to sign the bill when and if it makes it to his desk.
Following that final step, the IRS would then began the process of sending out up to $2,800 checks to households who qualify under the new relief bill.
The amount a person receives will be based on their latest tax return, if they have not filled for 2020 yet it will be based on their 2019 return like the last two rounds of checks.
The biggest takeaway: The IRS has become quicker with each round of stimulus checks. In December, following former President Donald Trump’s signing of the second relief bill checks began arriving in bank accounts two days later.
By mid-February, the IRS said it had sent out all 147 million checks from the December stimulus package.
The Associated Press contributed to this report.
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