Stimulus update today: House plan unveiled, When would you get payment? (Details)

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Stimulus update today: House plan unveiled. When would you get payment? (Details)
Stimulus update today: House plan unveiled. When would you get payment? (Details)

Unveiled in the House earlier this week, the current draft of the third coronavirus (COVID-19) relief plan, which is upwards of $1 trillion, includes $1,400 stimulus checks for eligible Americans.

And, House Democrats have agreed to keep the existing income limits for Americans who receive stimulus checks, after initially stating they wanted to scale it back for this third round of checks.

In the current proposal, $1,400 would be sent to individuals earning up to $75,000 and $2,800 would be sent to married filers earning up to $150,000, in addition to $1,400 for each eligible dependent.

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Previously, some House Democrats wanted to lower the threshold to $50,000, but the proposal to keep the threshold at $75,000 was drafted by House Ways and Means Committee Chair Richard Neal (D-Mass), POLITICO reported.

“While it is still our hope that Republicans will join us in doing right by the American people, the urgency of the moment demands that we act without further delay,” Neal said in a statement earlier this week.

Increasing the child tax credit to $3,600, raising the federal minimum wage to $15 per hour, and an increase in federal unemployment benefits are parts of the legislation currently up for debate.

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Most Democrats are hopeful the $1.9 trillion relief package, the first under President Joe Biden, will pass by the end of February, however, Sen. Majority Leader Chuck Schumer said he thinks it won’t be until mid-March.

Should the relief package pass by the month’s end, Americans could begin receiving stimulus checks as soon as the second week in March.

The first round of stimulus under President Donald Trump sent checks in the amount of $1,200 to individuals who filed a tax return with an adjusted gross income of up to $75,000. Payments were reduced for singles earning up to $99,000 — it dropped $5 for every $100 in income above $75,000. Individuals who earned more than $99,000 did not receive a check.

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Married couples who filed a joint tax return in 2018 got $2,400, as long as the combined adjusted gross income was up to $150,000 – those earning up to $198,000 received a partial payment.

Eligible dependents aged 17 and under got $500.

After much negotiations, the second stimulus check sent $600 to all eligible Americans and dependents.

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