Atlanta, Georgia 2021-03-02 15:19:10 –
(((CBS Detroit) — The third stimulus check may be pending. Direct payments of $ 1,400 are an important part of President Biden’s $ 1.9 trillion economic bailout package, aimed at mitigating the economic impact of COVID and laying the economy on a better foundation. It is backed by both Democrats and Republicans, and appears destined to eventually become the final version of the American Rescue Plan. The wider package also includes higher unemployment benefits, improved child tax deductions and more. The third check seems to be for a bank account, but certain timelines are still in the air.
When can the stimulus check arrive?
The administration continues to focus on signing the law on US rescue plans By March 14th.. This is the day when the current $ 300 Federal Unemployment Bonus will expire. 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.
However, it is quite possible that the target date for March 14 will be delayed. The House of Representatives passed an American rescue program early Saturday morning with minimal changes. But when discussions begin this week, the bill is facing a more rocky road in the Senate. If the Senate passes the relief package with some modifications, it will return to the House for another vote. Assuming the stimulus leaves Congress by March 22, the law could be signed on March 23. Direct deposits will begin to arrive in your bank account by March 29, and checks will begin to be mailed on April 5. Number of reasons.
What can delay my stimulus check?
One possible speed bump for the next stimulus check is the confusion that surrounds you. Minimum wage of $ 15.. The House of Representatives has passed an American rescue program, including an increase.But in the Senate Official Diet member It was recently ruled that raising the minimum wage has nothing to do with the budget and therefore cannot be passed using adjustments, a process that allows the bill to proceed with a simple majority. In other words, it needs to be deleted. A Alternative proposalIt seems that big companies will not be punished for paying less to their workers.
Coincidentally, the Democratic Party has found a way to paraphrase the minimum wage provisions. Manchin, the party’s most conservative member of the Senate, still supports a minimum wage of $ 11 per hour. How progressives in the house react to a decrease in increase or (probably) an increase that has been eliminated is another concern.Congressman Alexandria Ocasio Cortez According to a proposal from New York, the far-left wing is putting pressure on the party, like the conservative wing of the Senate. Will they withdraw support or delay the process? I don’t know yet.
Senator Democrat It also raises questions about other aspects of the stimulus package, such as extended unemployment benefits and funds allocated to states and provinces. Concerns were also raised about who would undergo the stimulus check. The president is in contact with Senate Democrats to lobby his proceedings.
Senate leader Chuck Schumer looks forward to “… heartfelt discussions and midnight.” He also seems to be determined to tackle the challenges at hand.
“But the American people have sent us the work to do. To help the country through this extraordinary moment of challenge. Finally, through action, the greatest health crisis we have faced in a century. And that’s what we’re trying to do. “
Distributing a third stimulus check can also cause delays. The Internal Revenue Service (IRS), which is responsible for shipping payments, is in the middle of the tax season. A CARES law check was conducted around the same time last year, but the tax payment deadline was postponed from April 15th to July 15th. No extension has been announced this year. The IRS has to deal with the double burden of sending millions of remedies while accepting and processing millions of tax returns.
What can reduce my stimulus check?
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 impact 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 Act is reduced to $ 0 for incomes above $ 99,000 ($ 198,000), and $ 600 from the second stimulus is $ 0 for incomes above $ 87,000 ($ 174,000). Shrinked to.
The Biden administration has accepted the idea of lowering the income threshold to $ 50,000 ($ 100,000) in order to better target those in need. 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 declined 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%. Household 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 It has maintained a historically high standard, with approximately 730,000 people first taking out unemployment insurance in the third week of February. (For reference, there were about 250,000 new unemployment applications in the typical pre-pandemic week.) An additional 451,000 people sought pandemic unemployment assistance. An additional 1 million people received pandemic emergency unemployment compensation. This is a benefit for people who are short of unemployment benefits. The group currently has a total of 5 million people.
At the beginning of February, about 19 million people received some kind of unemployment allowance. It’s one in nine workers.The official unemployment rate is 6.3%Considering all those who have 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 are sometimes stagnant. Vaccination centers have been temporarily closed in some areas due to shortages and winter weather, and vaccination has been reduced in recent weeks. Many qualified people are facing problems with their appointment schedules. Nevertheless, more than 50 million people have been vaccinated at least once.
The Food and Drug Administration has just approved Johnson & Johnson One-shot vaccine.. 4 million shipments were shipped on Monday. And Biden’s Coronavirus Coordinator, Jeff SeientsSaid that the government had secured enough to vaccinate 300 million Americans by 31 July. Dr. Anthony FauciThe country’s top infectious disease experts also believe that vaccination will be open to everyone by July, when demand no longer exceeds supply. However, wearing a mask and lack of general normality can continue until 2022.Currently domestic COVID case The death toll is over 515,000, but over 28 million.
It was originally released on February 4th at 6:06 pm (Eastern Standard Time).
When Could Another Economic Relief Payment Arrive? – CBS Atlanta Source link When Could Another Economic Relief Payment Arrive? – CBS Atlanta