How Does Biden’s Stimulus Check 3 Breakdown!
So the big question is – who will receive the stimulus check 3 once the checks start going out? Read on for more on President Joe Biden’s Stimulus Check 3…
CelebnPolitics247.com reports that President Joe Biden and a group of 10 Senate Republicans have offered competing proposals to help the United States respond to the coronavirus pandemic and provide economic relief to businesses and families.
Of course, el cheapskates and greed mongers, the Republican plan offers less money in terms of direct payments and significantly fewer Americans would be eligible to receive it — it’s being called a “targeted” plan.
Biden will NOT allow that to happen, so here how the Stimulus Check 3 Breaks Down:
How much could a third stimulus check be?
- Biden: $1,400 for individuals making up to $75,000
Phased out gradually to zero, but the income cap is not yet known. Under the CARES Act last March, it was $99,000. The December stimulus phased out at $87,000 income. If the formula used in the previous two proposals remains the same, then more people will qualify for at least a partial payment. However, there’s still a chance Congress changes that formula before putting the bill together.
- GOP: $1,000 for individuals making up to $40,000
Phased out gradually to zero at $50,000.
- Biden: $2,800 for couples making up to $150,000
Phased out gradually to zero, but again the income cap is not yet clear. Under the CARES Act last March, it was $198,000. The December stimulus phased out at $174,000 income.
- GOP: $2,000 for couples making up to $80,000
Phased out gradually to zero at $100,000.
Who may qualify as a dependent for a third stimulus check?
During the first and second stimulus checks, households who qualified for payments received extra money if they had dependents that were 16 and younger. In their proposals for the third stimulus check, both Biden and the GOP senators have proposed expanding who qualifies as a dependent to include dependent adults and older children – Kare11
When Can American’s expect Their Stimulus Check 3?
President Joe Biden’s $1.9 trillion coronavirus relief plan proposes the third round of stimulus checks of $1,400 for most Americans. Yet while that could extend a helping hand to millions of households still suffering from the pandemic’s economic fallout, it could be months until the payments arrive, analysts say.
Are the $1,400 checks a done deal?
Not yet, because there’s increasing debate about whether the checks should be targeted to lower-income households, according to Wall Street and political analysts. Even so, there is growing support among Republican lawmakers for additional stimulus directed toward low- and middle-income households, with the latest effort to pass $2,000 stimulus checks winning some bipartisan support.
When would I get a third stimulus check?
Whatever the size, it’s looking like another round of stimulus checks may not land in bank accounts until mid- or late March, based on Schumer’s time frame. The new Senate Majority leader acknowledged “that the next round of fiscal stimulus remains a month to 6 weeks away,” Hammond noted on January 26th. – CBSNews