3rd Stimulus Check Update

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President Biden has created a plan for Americans making up to $50,000 per year to be eligible for a $1,400 dollar stimulus check, but the bill for the time being remains tied up in Congress.

The purpose of a stimulus check is to help the economy by putting money directly into the pockets of consumers. In April of 2020, a stimulus check was part of a $2.2 trillion dollar bill that allowed individuals making less than $75,000 to get $1,200 or couples who make less than $150,000 to get a $2,400 check. In December of 2020, another stimulus check was sent out for individuals making less than $75,000 to get $600 dollars and couples who make less than $150,000 to get $1,200.

When discussion of a third stimulus check began, Democrats and Republicans disagreed on what the stimulus check amount should be. 10 GOP lawmakers created a plan that involved $1,000 checks for people earning up to $40,000 a year ($80,000 for couples). 

The opposing plan from the Democrats would have individuals making up to $50,000 per year receive a $1,400 check and couples making up to $100,000 receive a $2,800 check. Eligibility requirements haven’t been fully decided: the salary amount to get the stimulus check has lowered, and more eligibility requirements could still be added. 

According to CNET, the stimulus bill is expected to be brought through congress on March 12, and hopefully signed two days later on March 14. Deposit stimulus checks will be coming out the week of March 22 and paper checks are expected to be sent out the week of March 29. If someone’s missing their stimulus check, May 3 is when the money for missing stimulus claims opens up.