With the Senate’s passage of the American Rescue Plan, a $1.9 trillion stimulus relief bill that provides a third round of stimulus checks for qualifying Americans, many are wondering when and how much they will get paid.
First, the bill is expected to pass in the House of Representatives on Tuesday, and President Joseph R. Biden Jr. will sign it mid week.
The coronavirus relief bill provides $1,400 stimulus checks for Americans who make less than $75,000 a year and $2,800 for married couples making under $150,000.
Recipients also receive an additional $1,400 for each dependent claimed on their taxes.
The benefits under the package phase out for higher-earning individuals, with filers who make more than $75,000 qualifying for a decreased amount.
No individual with an average gross income over $80,000 or couples earning over $160,000 will receive a stimulus check. Heads of household earning up to $112,500 will receive the full amount, and benefits will phase out completely at $120,000 for those filers.
Once the bill is approved by the House and signed into law by the President, Americans will not have to directly apply for the stimulus checks in order to receive them.
Payments will be distributed by the IRS and qualification will be based on everyone’s most recent tax filing that has been fully processed.
Individuals whose 2019 tax filings do not qualify them for the full amount but were laid off or received less income due to the pandemic are encouraged to file their 2020 tax returns as soon as possible.
Money will be delivered via direct deposit for those whose banking information the IRS has on file. Those whose direct deposit information is not currently on file can still provide those details to the IRS but will otherwise have a paper check delivered to their address.
Democrats have indicated plans to have the stimulus bill signed into law by March 14, when federal unemployment benefits are currently set to expire.
If this turns out to be the case, Americans can expect to start receiving their payments in late March- with direct deposit recipients getting their checks the fastest.