The House and the Senate approved the third stimulus check. President Joe Biden signed his 1.9 Trillion Covid Relief package into law. This bill will send Americans who qualify a $1,400 direct payment depending on your income and tax filing status. An additional 300 a week in unemployment benefits were approved to help families and individuals in need of assistance.
Payments from the American Rescue Plan Act started being sent out as early as last weekend. Some Americans received their third stimulus check as early as Saturday March 13, 2021. Americans with direct deposit may be the first to receive their payment because the government has their account information on file. It may take more time to print, sort and mail physical checks and prepaid cards.
Who Qualifies?
The full amount for an individual was $1,400.00 earning less than $75,000.00 adjusted gross income. Heads of households such as single parents earning less than $112,000.00 and married couples earning less than $150,000.00.
Millions of Americans in need will be able to cover basic needs such as food, medicine, housing and utilities. Building an emergency fund and paying off debt is of the upmost importance.
Not everyone that received a payment last time will receive a check this time. Lawmakers reduced the income levels that qualify for payments. The higher your income the less you received. If you are an individual making $80,000.00 or more, you did not receive a payment. Couples making over $150,000.00 a year, will not receive a payment.
If you combine the December 2020 stimulus with the current stimulus package, the amounts together can total up to $2,000 or more for a single individual and more for a family depending on the number of family members.
For more information on the status of your payment, go to IRS.gov Get My Payment tool.