The Senate approved a $1.9 trillion coronavirus relief package proposed by the Biden Administration paving way for the transmission of third $1400 stimulus checks for the Americans. It is expected that Americans will start receiving the checks within the next few weeks.
The American Rescue Plan also called the $1.9 trillion Coronavirus Relief Package is pending final approval from the House. The House is expected to take it up by Tuesday. After Congress approves the package, President Joe Biden will sign the legislation in order to release the money for the relief package. The whole process is expected to be completed by Sunday.
The IRS and the Treasury Department will be responsible for circulating the stimulus checks of $1400 among the Americans via prepaid debit cards, mailed checks, and direct deposits.
The government is all set to start delivering the third stimulus checks by the end of March. The first stimulus checks of $1200 were distributed in April 2020. In the second round, stimulus checks worth $600 were distributed in January as soon as Joe Biden took charge as the President of the United States of America.
This is said to be the largest installment of stimulus checks. The payments are expected to be near $2 trillion. Individuals who earn less than $75000 per year are eligible to receive $1400 stimulus checks. Couples who earn $150,000 or less will be eligible to receive the stimulus checks worth $2800. The households are liable to receive an additional $1400 for each dependent child provided that they have filed for the most recent tax claims.
The method of distribution has been devised in such a way that the money is expected to phase out sooner as compared to the previous two rounds. The reason is that the cut-off payment for approximately 16 million Americans who were already qualified to receive previous stimulus checks, is already set.
The unemployment benefits of $300 per week will also be provided under the American Rescue Plan and will be paid throughout August 2021. $350 billion are said to be granted to the state and local governments in the name of vaccination distribution programs.
Economists and financial analysts have applauded the American Rescue Plan calling it a good move to revive the fragile economy of the country as well as the stock market.