Third stimulus check calculator: how much could you receive?
Now that the wheels are in motion for Democrats to pass a $1.9tn covid relief bill without the support of the GOP, here's a look at what the scope may be.
President Joe Biden's $1.9 trillion American Rescue Plan is looking closer than ever to being signed into law. The plan is very likely to include a booster $1,400 third stimulus check to add to the skinny $600 payout in December.
Talks on a bipartisan deal came to an end after a group of 10 Republican lawmakers suggested a targeted bill of just $600bn.
The Senate and the House have now voted in favour of a budget resolution, which will allow the Democrats to use "budget reconciliation" to pass Biden's covid-19 relief bill without bipartisan support.
Early Friday morning the Senate passed a budget resolution which paves the way for President Joe Biden’s $1.9 trillion stimulus package to be passed. The 51-50 vote in the Senate required the tie-breaking intervention of Vice President Kamala Harris as both caucuses voted along party lines.
Then later on Friday the House of Representatives also passed the motion, paving the way to pass the American Rescue Plan. The vote was 219-209 along mostly partly lines to approve the resolution as amended by the Senate. Jared Golden was the only Democrat to vote against the measure. House Democratic leaders have said the chamber should be ready to pass relief legislation by the end of the month, if not sooner.
Third stimulus check: how much could each person receive?
The following parameters are based on previous checks and possible modifications based on the plan already released. As the bill hasn't yet been passed, negotiations could still change some details.
- Up to $1,400 for qualifying individuals. (Do I qualify?)
- $2,800 for couples who file a joint tax return.
- $1,400 for each dependent child under the age of 17.
- $2,000 for a qualifying adult dependent. (This is new for the third stimulus check: adult dependents weren’t included in the last round of stimulus checks, so they will likely qualify for the full $2,000 in this round.
Forbes: Third Stimulus Calculator
Lately there has been mounting pressure from both Republicans and Democrats to “target” stimulus payments to Americans who need them the most. In response on Friday, President Biden said that the plan would target the payments so that families who are earning more than $300,000 in household income per year wouldn’t receive them, for instance. However, the exact details on who will qualify haven’t yet been released.
To calculate the approximate amount you may qualify for based on your individual circumstances, Forbes have devised a calculator based on the CASH act and Biden’s announcement as of 14 January.