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Third stimulus check: when will the money arrive & how much will it be?

A third round of stimulus checks was approved on Wednesday as the House voted to accept a revised version of President Biden's $1.9tn coronavirus relief bill.

Third stimulus check: when will the money arrive and how much will it be?
OLIVIER DOULIERY AFP

A third stimulus check is set to go out to qualifying Americans after the US House of Representatives approved the revised version of President Joe Biden’s $1.9tn coronavirus relief bill.

The aid package, known as the American Rescue Plan Act of 2021, passed the House in a 220-211 vote on Wednesday, having narrowly made it through the Senate on Saturday.

Third stimulus check: how much is it and who qualifies?

The bill includes a stimulus check of $1,400 for individuals earning up to $75,000 a year and a payment of $2,800 for joint filers on under $150,000, with smaller checks available to those with an annual income below $80,000/$160,000.

This final phase-out limit for a reduced stimulus check had initially been set at $100,000/$200,000, but was lowered before being put to a vote in the Senate in order to secure the support of centrist Democrats.

Households will also be able to claim a $1,400 additional credit for dependents of any age.

Claimants' most recent tax return - either 2019 or 2020 - will be used to determine eligibility.

Eligibility change sees 17m fewer people get stimulus check

According to the Institute on Taxation and Economic Policy, the change to the eligibility rules included in the relief bill's original version means around 17 million fewer Americans will receive a stimulus check.

Biden to sign stimulus bill into law on Friday

Having passed both houses of Congress, the coronavirus relief bill will now be sent to Biden to be signed into law. The White House press secretary, Jen Psaki, told reporters on Wednesday that the president will sign the legislation “on Friday afternoon”.

Most Americans can expect stimulus check this month - Psaki

In a press briefing on Monday, Psaki said most qualifying Americans could expect to receive their stimulus check "by the end of the month”, but many are likely to get their payment before then.

Having taken just over two weeks to start sending out the first round of stimulus checks after their approval in March, the IRS said the day after the second check was given the go-ahead in December that it was beginning payments, with the bulk of direct-deposit recipients receiving their money within about a week.

Americans receiving their stimulus check in paper-check form or as a pre-paid debit card may have to wait slightly longer than those whose money is sent directly to their bank accounts.

Third stimulus check: latest news

You can follow the latest updates on the third round of stimulus checks with our dedicated live feed.