A Third Round Of Checks Are Coming But You May Not Qualify To Receive One


American households could start receiving a third stimulus check in just a few weeks as congressional Democrats are pushing forward with President Biden’s $2 trillion coronavirus relief package.

As soon as Congress approves the emergency aid bill, Biden will only need to sign the legislation to begin sending out the $1,400 checks. The IRS and Treasury Department would then distribute the cash payments via direct deposit, paper checks, and prepaid debit cards.

It took about two weeks back in April for the federal government to begin distributing the first round of $1,200 payments, and about a week for the next round of $600 in January. House Majority Whip Representative Jim Clyburn expects Americans to begin receiving the money “within a week” of the bill being passed.

The White House is aiming for the first week of March to approve the bill begin the necessary relief measures since supplemental unemployment benefits are set to expire on March 14.

Democratic leaders and House committee chairs met with Biden at the White House during which time House Speaker Nancy Pelosi vowed to have a bill approved and sent to the Senate within the next two weeks as lawmakers wish to enact the proposal before unemployment benefits run out.

The legislation is expected to allow $160 billion for vaccine distribution, raise unemployment benefits to $400 a week through September, and another round of stimulus checks worth $1,400.

It’s unclear which Americans will qualify for the money and while Biden has said the size of the check will not change, he is open to limiting the eligibility for the money. The administration has not defined the income threshold for the payments.

One senior Democrat proposed lowering the threshold for the payments to begin phasing out at $50,000 for individual taxpayers, $75,000 for those filing as head of household, and $100,000 for married couples.

Treasury Secretary Janet Yellen said that any American earning $60,000 per year should qualify for the full promised payment.

“The exact details of how it should be targeted are to be determined, but struggling middle-class families need help,” said Yellen.

Yellen predicts that if Congress approves the emergency aid package in a timely manner, the country will return to full employment within the next year otherwise, the labor market could take years to reach its pre-pandemic levels.

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