New stimulus bill to pass the House within 48 hours? What we know

New stimulus bill to pass the House within 48 hours? What we know

The nearly $2 trillion stimulus bill is heading back to the House for final approval. The COVID-19 relief package, which includes $1,400 stimulus checks and more money for unemployed workers, cleared a major hurdle on Saturday with a narrow Senate passage. After the House receives and agrees to the bill, it will head to President Joe Biden to sign, hitting a March 14 deadline Democrats have aimed toward for months.

The Senate made a number of amendments to the bill that will affect how much of the $1,400 check you could receive by reducing income limits for the third stimulus payment. The changes will exclude millions of people from qualifying for the new payment. Lawmakers also lowered the weekly unemployment insurance rate from the initial House version, but left alone expanded child tax credits to lower-income families, and funding for COVID-19 vaccine distribution.

The Senate dropped a federal minimum wage increase from the legislation, but proponents vow to reintroduce it at a later date. Here’s what you need to know about the relief bill that is back with the House, including the timeline to deliver new stimulus checks. This story is frequently updated.

What happens next with the $1.9 trillion stimulus bill?

The bill is set to head back to the House as soon as today for a procedural vote, before an expected final vote on Tuesday or Wednesday to approve the Senate’s version of the bill.

The Senate made changes to the House bill before its vote on Saturday, and it’s unclear whether the House will work with the Senate to resolve those differences or accept them all in its final vote.

When and if the bill passes the House, it will go to Biden to sign into law. Once that happens, various government agencies will begin to access that funding and ramp up their programs, including sending a third stimulus check.

A strict income cutoff for the $1,400 stimulus payment

The $1,400 stimulus check will start going out to tens of millions of Americans starting this month“targeting” checks to lower income earners and cutting off those categorized as “higher earners.” Under the new eligibility rules, some who qualified for the first two payments may not make the cut for a third. A hard ceiling on income, designed to exclude higher earners from getting a check, would come with a rule change regarding the use of dependents in the stimulus check formula. Check out our stimulus payment calculator to see how the new Senate income cap will affect you.

The new proposal would give the IRS a deadline of Dec. 31 to finish sending the stimulus checks.

For this third round of payments, congressional Democrats intend to include adult dependents as well as children and families with mixed-status citizenship. Here are all the ways a third check could bring you more moneyhow you could get less or how you might be disqualified altogether. Here’s what happens to your total if a check arrives during tax season. And here’s how the third check compares with the first two payments approved in 2020.

$300 in weekly unemployment benefits, but with tax break

Under the Senate Democrats’ plan, federal unemployment checks would extend to Sept. 6 at a $300 weekly rate. The House had initially proposed a $400 weekly payment ending in August. The Senate plan would also reduce the tax burden on the unemployment money for households earning less than $150,000 a year. If the new bill is approved by March 14, it would renew the weekly $300 federal unemployment checks Congress approved in December without a gap in fundingRead more>>

Source:-cnet

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