New stimulus checks could hit bank accounts in March 2021
Many Americans could find themselves slightly richer in March 2021, more than a year since the start of the COVID-19 pandemic.
The American rescue plan pushed by the Biden administration was passed in the United States House on Saturday, February 27, mostly along party lines. It’s a $ 1.9 trillion bill and the 3rd stimulus package designed specifically to boost a U.S. economy still struggling with unemployment and a cash-strapped small business sector.
The first COVID-19 recovery plan, the CARES Law, was passed in March 2020 for $ 2,000 billion and provided individual stimulus payments of $ 1,200 to Americans with qualifying incomes, plus $ 500 for qualifying children. The second stimulus plan passed in December 2020 for $ 900 billion and gave eligible U.S. adults, plus children, another round of $ 600 payments.
Before the 2nd Stimulus Package was signed by President Trump, many Democrats, including Biden, called for the $ 600 payments to be increased to $ 2,000. This 3rd stimulus package aims to eclipse the latest Trump administration stimulus package, as the US bailout is priced at $ 1.9 trillion.
This time the Americans earn less than $ 75,000 per year should be eligible to receive a payment of $ 1,400. Reports also suggests that dependent children 17 and under would also be eligible for a payment of $ 1,400. It should also include a number of student dependents, a group that has been left out of the first stimulus package.
If the bill passes the US Senate in its current form, a family of four could potentially receive a payment of up to $ 5,600. There is a household income limit of $ 150,000 for married couples, after which the checks would be phased out and phased out for couples earning more than $ 200,000.
Many expect the Senate to pass a version of the US bailout by mid-March, which means Americans could expect their stimulus checks to arrive in their bank accounts or in the mail. the last week of March or the first two weeks of April 2021.