What’s The Timeline For Another Economic Relief Payment? – CBS Atlanta – Atlanta, Georgia

Atlanta, Georgia 2021-02-23 13:55:10 –

(((CBS Detroit) — The third stimulus check is a key element of President Biden’s $ 1.9 trillion economic bailout package. The $ 1,400 direct payment, with support from both Democrats and Republicans, could remain in the final version of the bill. The American Rescue Plan, in its current form, provides additional assistance to millions of Americans facing the economic problems posed by increased unemployment benefits, improved child tax deductions, and an ongoing COVID-19 pandemic. Is also included. The third check seems to be for a bank account, but the actual timeline is still a bit unclear.

When can the stimulus check arrive?

The administration’s goal is to sign an American rescue program By March 14th.. It’s also when the current $ 300 federal unemployment bonus expires. Assuming President Biden can sign the bailout package on March 14, direct deposits will begin in the week of March 22 and checks will begin to arrive in the week of March 29.

read more: Third Stimulation Check: Will the next relief payment be $ 1,400?

But the house seems to be set to go through an American rescue program this week No change..House Speaker Nancy Pelosi recently repeated her more aggressive timeline, saying the bill could pass. End of February.. The Senate was then able to pass it in a party-line vote next week. If so, the stimulus could leave Congress by March 5 and sign the law on March 8. Direct deposits will begin to arrive in your bank account by March 15th, and checks will begin to be mailed on March 22nd. There are many reasons.

What can delay my stimulus check?

One of the possible speed bumps in the next stimulus check is Minimum wage of $ 15.. Budget adjustments allow Democrats to avoid filibuster in the Senate and pass stimuli with a simple majority. This means that Vice President Kamala Harris cast a tiebreaker with 51 votes instead of 60. But West Virginia Democratic Senator Joe Manchin believes that doubling the federal minimum wage (currently $ 7.25 per hour) would overwhelm local states. Instead, he suggested raising the required hourly wage to $ 11. Arizona’s Democratic Senator Kyrsten Cinema also opposed. Without Manchin and Cinema votes, American rescue plans are unlikely to pass the Senate. No Republicans came out to support the stimulus.

Given the rules surrounding the settlement, it’s unclear whether the $ 15 minimum wage proposal could even be included in the bill. In this process, all provisions must be budget related. And perhaps valid arguments can be for or against. The senator who governs these issues advises whether raising the minimum wage is eligible. The Democratic Party can then accept or ignore the ruling.

What can reduce my stimulus check?

You can remove the federal minimum wage increase to get through a wider range of packages. But that’s not the only problem.The idea of ​​lowering the year Income requirements I got some steam to get a stimulus check. In early February, Maine Manchin and Republican Senator Susan Collins Fix “It is intended to cover the payment of financial impact to Americans suffering from the effects of COVID-19, including provisions to ensure that high-income taxpayers are not eligible. . “

The previous two stimulus checks Adjusted gross income (AGI) A couple with an annual AGI of $ 75,000 or more and an AGI of $ 150,000 or more. (AGI is the sum of wages, interest, dividends, severance pay, severance pay distribution, and other sources of income minus certain deductions such as student loan interest, severance pay, and severance pay. For every $ 1 of income above the threshold, payments for the previous two stimuli were reduced by 5%. Therefore, the $ 1,200 payment from the CARES method is reduced to $ 0 for income above $ 99,000 ($ 198,000), and $ 600 from the second stimulus is $ 0 for income above $ 87,000 ($ 174,000). Shrinked to.

read more: Latest Stimulation Check: Parents can receive monthly payments with extended child tax deductions

Late last week, Treasury Secretary Janet Yellen said Biden said [the next stimulus check is] Target properly and go to those in need. As you know, this is not the case for very high-income people who do not need it. “

To that end, the Biden administration considered lowering the income threshold to $ 50,000 ($ 100,000). Assuming the same 5% formula applies to the first two checks, a $ 1,400 ($ 2,800) payment is actually $ 64,000 ($ 128,000), $ 700 ($ 1,400), and $ 78,000 a year. ($ 156,000) will be $ 0.

The purpose of lowering the income threshold is not to save money, but to allow more money to be spent in a wider economy.according to Survey From the Federal Reserve Bank of New York, the average percentage of the first stimulus payments households spent on necessities decreased as income increased. The average percentage of initial stimulus payments saved by households increased as income increased. Household heads who receive less than $ 40,000 a year spent 22.3% on their necessities, saving 31.2%. Heads who receive more than $ 75,000 a year spend 14.7% on their necessities and save 40.8%. Last summer’s survey predicted that the second stimulus check would widen the gap between spending and savings. If the income limit is not reduced, the same dynamics may be performed on the third check.

Why do you need a stimulus check?

The economy shrank 3.5% in 2020. This is the biggest drop in the year since the end of World War II.Weekly Unemployment rate For the first time last week, 861,000 people took out unemployment insurance, maintaining historically high standards. An additional 516,000 people sought pandemic unemployment support. (There were about 250,000 new unemployment applications in the week before a typical pandemic.) At the end of January, about 18 million people received some kind of unemployment allowance. This is one in nine workers.The official unemployment rate is 6.3%Given all those who dropped out of the workforce, the actual rate is probably close to 10 percent.

Economic recovery relies on widespread distribution of COVID vaccines. However, vaccination efforts for the general public have been slightly delayed. Due to shortages and winter weather, vaccination centers have been temporarily closed in some areas and vaccination has been reduced in recent weeks. Many qualified people are facing problems with their appointment schedules.On the bright side, the federal government has begun distributing vaccines Specific pharmacy Early this month.And Dr. Anthony Fauci, The country’s top infectious disease experts believe that vaccination will be open to anyone by July, when demand no longer exceeds supply. However, wearing a mask and general lack of normality can continue until 2022.Currently domestic COVID case While the death toll is over 500,000, it is over 28 million.

Other news: Stimulation Check Update: “We believe we have a moral obligation,” says presidential election Joe Biden.

It was originally released on February 4th at 6:06 pm (Eastern Standard Time).

What’s The Timeline For Another Economic Relief Payment? – CBS Atlanta Source link What’s The Timeline For Another Economic Relief Payment? – CBS Atlanta

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