The $1.9 trillion COVID-19 relief bill championed by President Joe Biden and Democrats narrowly passed the Senate on Saturday, bringing it a step closer to reality.
All that’s left is for the House of Representatives to give final congressional approval next week, and Biden’s signature and the massive package — The Associated Press said it was a tenth the size of the entire US economy – to be put into action.
However, the big questions for Americans, who may need the financial boost that will come with it most, are when the money will hit them and how much they may see.
According to multiple reports, payments to individuals will be very similar to those under the first stimulus package, with many Americans expected to receive payments of up to $1,400. Married couples would get $2,800. And parents would reportedly get an extra $1,400 on their tax returns for each child. There are fewer payments this round, however, as money is phased out for people earning $75,000 or more and eliminated altogether for people earning more than $80,000. Likewise, CBS News reports that couples who file taxes together would start seeing their payments phase out when they make $150,000 or more and cut them off altogether when they make more than $160,000 together. The first stimulus package cut individuals at $100,000 and couples at $200,000.
And for those who need money ASAP, Saturday’s Senate vote means things are likely to move quickly now when it comes to getting that money to Americans, according to CBS News. It said the House of Representatives is expected to refer it to Biden, who will sign it, and that Americans could start making payments as early as March 13.
CBS quoted Morning Consult economist John Leer as saying, “A third round of $1,400 checks would allow nearly 23 million adults to pay their expenses for more than four months without going into further debt or draining their savings.” .”
“The third stimulus check is absolutely vital,” Credit Karma chief people officer Collin McCreary told CBS’ MoneyWatch in the article. “I don’t see a world where people are financially secure without additional stimulus money.”
And after Saturday, we seem to be just days away from making that third, vital payment a reality.