Americans may soon, finally, see their hotly anticipated third round of stimulus checks in the mail or even directly deposited to their bank accounts. That is, most taxpayers will see them.
The checks should be sent out “within days” after President Joe Biden signs the bill that was on the way to his desk on Wednesday after its passage in the House of Representatives. (Update: Biden signed the bill on Thursday.)
Single filers earning up to $75,000 will get a full $1,400 stimulus check, and couples filing jointly with income of up to $150,000 will get a $2,800 stimulus check in the new round, according to Fortune.com. The payments are based on adjusted gross income, which is in the federal income tax filing.
The House voted 235-149 to approve the measure with 40 Republicans joining the Democrats to approve the sweeping $1.9 trillion COVID-19 relief bill into law.
The president said he plans to sign the bill into law this Friday, Reuters reported.
The Senate had removed a $15 per hour federal minimum wage increase by 2025; tightened the eligibility for the $1,400 direct payments, capping them at those earning below $80,000, cut the unemployment insurance payment to $300 per week from the House’s $400, and targeted some of the state and local government aid to smaller communities.
Even with those adjustments, it is hoped the massive spending push will be seen as a major driver coupled with a quickening pace of COVID-19 inoculations and a slowing infection rate in a rapidly brightening outlook for the nation’s economy.