A new round of the coronavirus relief plan ushered by President Joe Biden has been approved by the House and is now moving to the Senate for a decision.
The $1.9 trillion package contains a stimulus plan that would directly impact the pockets of Americans. With the plan, Americans would receive a hike in federal minimum wage to $15 an hour, something that speculators are saying won’t come to fruition since it could possibly slow down the approval of the new bill by the Senate, a direct stimulus check, and an increase in unemployment benefits by $100. Funding would also be used to increase efforts to provide COVID-19 testing and vaccine distribution.
A vote by the Senate could be passed as soon as March 12, according to several political sources. Once passed, people can start to receive the stimulus checks in the bank accounts listed on their most recent tax payments just as the additional $300 extra padding expires on unemployment benefits.
For individuals to qualify for the $1,400 stimulus payment, they cannot earn more than $75,000. Married couples who file jointly can obtain $2,800 with the income threshold at $150,000. Payments will be prorated for those that make more than the specified income thresholds.
If taxpayers experienced significant changes to their income or in the number of dependents that they can claim in 2020, then it is highly recommended that taxpayers file their taxes as soon as possible so that those changes can register with the IRS before stimulus payments are issued. Without the new information, taxpayers can find themselves with smaller stimulus payments.
