The U.S. Senate passed President Joe Biden’s $1.9 trillion Covid-19 relief bill on Saturday, making a third round of stimulus checks likely to arrive as soon as this month. But how much will you get? When?
The Senate approved several changes to the American Rescue Plan, also known as the ARP, including eliminating a proposed $15-per-hour minimum wage hike and reducing extended unemployment benefits to $300 a week, down from $400 proposed by the House. The new bill also limits some eligibility for direct payments worth up to $1,400 after Republicans and moderate Senate Democrats saw more “targeted” spending.
The bill passed, 50-49, and goes to the House this week for final congressional approval. It’s expected to be approved by the Democrat-controlled House and signed by Biden by March 14, before the current round of unemployment assistance and other coronavirus aid expires.
“This nation has suffered too much for much too long,” Biden told reporters at the White House Saturday. “And everything in this package is designed to relieve the suffering and to meet the most urgent needs of the nation, and put us in a better position to prevail.”
How much will I get?
The full $1,400 payments will go to individuals with incomes of up to $75,000 (now phasing out until $80,000); $112,500 for heads of household (phasing out until $120,000); and $2,800 for married couples earning up to $150,000 (phasing out until $160,000), similar to the first two rounds of stimulus checks. Roughly 85% of U.S. adults would be eligible for the full amount, based on your adjusted growth income (AGI) from your most recent tax return (2019 or 2020), but fewer will receive partial payments due to a change from the earlier House bill that would phase out payments for individuals making between up to $100,000, and couples making up to $200,000.
Combined with the $600 stimulus checks approved by President Donald Trump in December, the package would mean $2,000 in direct payments to most Americans.
Parents would also receive $1,400 per dependent, instead of $600 in the first two rounds, and this third round of checks will include eligible adult dependents for the first time. The previous two rounds were limited to children under age 17, so parents with college-age students can expect even more money.
That means that a family of four could receive $5,600 — a huge increase from earlier stimulus checks.
Stimulus check calculator
Note: As of Sunday morning, the Omni calculator above hasn’t been updated to reflect the tighter limits for phasing out payments. If you’re an individual making between $75,000 and $100,000 or a head of household making between $112,500 and $500,000 or a married couple filing jointly making between $150,000 and $200,000, use the Kiplinger calculator. If your income is below the thresholds, then the Omni calculator will show the exact correct amount.
Child Tax Credit
Parents can also expect to receive money through the new Child Tax Credit, worth $3,000 per child ages 6 to 17 and $3,600 for children under age 6. The credit, based on taxpayers’ 2020 income, would normally be a lump sum on an individual or family’s income tax return but will instead be delivered as a monthly payment from the IRS for $250 or $300, depending on the child’s or children’s age, for a full year to help families affected by the pandemic.
The current child tax credit, from the Tax Cuts and Jobs Act of 2017, provides $2,000 per child under 17 for single filers with incomes of $200,000 or less and couples filing jointly with $400,000 of adjusted gross income or less.
When will I get my stimulus check?
Late March, most likely.
The first round of checks took weeks to begin arriving, even via direct deposit, but millions received the second round within days and will also receive the third round quickly if they have already verified their bank information on the IRS “Get My Payment” site.
If Biden signs the bill by Congress’ March 14 deadline, then Americans with direct deposit could get their stimulus checks as early as the third week of March. Those who receive paper checks or debit cards would likely get their payments later in the spring.
What else is in the new coronavirus relief bill?
The Senate-approved package includes expanded unemployment benefits through Sept. 6 at $300 a week (the first $10,200 of jobless benefits would be non-taxable for households with incomes under $150,000); $60 billion towards Covid-19 testing and vaccine distribution; $130 billion to help schools reopen safely; $25 billion to help bars and restaurants; $7.25 billion for the Paycheck Protection Program; $350 billion in emergency funding for state, local and territorial governments; and $30 billion to help low-income households and the unemployed afford rent and utilities.
The first round of stimulus checks, which gave qualifying American adults a one-time direct payment of $1,200 plus $500 for each child under the age of 17, was part of Congress’ $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020. A second round of stimulus checks worth $1,200 was approved in the HEROES Act in May, but legislation stalled for months and the December package cuts those direct payments in half.
If you time your income tax filing just right, you could get a bigger stimulus check
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