Here’s Where We Are With The Next $1,400 Stimulus Check

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If you’ve been eagerly waiting for the 3rd stimulus check, you are not alone.

Since President Biden took office, people have waiting for him to deliver on his $1,400 stimulus check promise and that may be happening soon!

As of today, February 24, 2021, the House Budget Committee approved President Joe Biden’s $1.9 trillion COVID-19 relief bill which means we are one step closer to a third round of direct stimulus payments.

So, what happens next?

The American Rescue Plan (ARP) will now go to the House Rules Committee.

That committee will determine which proposals to keep in the bill before sending it to the floor for debate and a vote.

For example, most House Republicans plan to fight Biden’s $15 minimum wage proposal, meaning it may have to be delayed or put on the back burner for the time being.

Despite those set backs, House Speaker Nancy Pelosi is confident that the House of Representatives will hold a final vote by Friday, Feb. 26.

Once the bill clears the House, it will then move to the Senate and Senate Majority Leader Chuck Schumer vows to have the bill passed by March 14, the date on which boosted unemployment assistance will expire.

So, at the latest, March 14th is the date it will pass meaning the 3rd round of stimulus checks will begin going out the 3rd week of March.

So, how much would you get?

The amount you receive will be based on your latest tax return and based on your AGI.

Individuals with an adjusted gross income (AGI) of less than $75,000, heads of household with an AGI of less than $112,500, and couples with an AGI less than $150,000 can expect $1,400 per eligible recipient, including dependents.

Yes, that is far more than the first or second round of stimulus checks because the first round of payments included $500 for children under age 17 and the second round of payments included $600 for children under age 17.

This bill proposes that families receive a full $1,400 for each dependent, including college-age students.

For example, a married couple earning $90,000 with three dependents can anticipate a direct payment of $7,000 (5 x $1,400 = $7,000).

As soon as we know more we will update you but it looks like we are moving forward in the right direction.

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