$1400 Third stimulus check updates on 13 March, 2021

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US stimulus check news: live

Headlines:

- Treasury and Internal Revenue Service officials confirm that $1,400 checks will arrive in bank accounts over the weekend

- Nearly 160 million U.S. households will receive some $400 billion in direct payments of $1,400 per person

- The $1,400 stimulus checks will be sent to individuals earning up to $75,000 and married couples earning up to $150,000

- The first batch of payments are being sent out this weekend, with more batches expected over the coming weeks.

- You can track the status of your payment using the IRS Get My Payment Tool.

- Wells Fargo, Chase and Navy Federal Credit Union have said that customers eligible for stimulus payments may receive them as early as March 17

- Boosted by stimulus push, dollar reverses fall from earlier in the week and finishes the week strongly

- Economists boost their projections for US growth this year

- Total cost of third stimulus checks estimated at $411 billion, around a quarter of total cost of the bill

- Biden says new stimulus bill will "build an economy that grows from the bottom up"

-  Get the latest stimulus check news in Spanish - las noticias sobre los cheques de estímulo en español

- US covid-19 cases/deaths: 29.4 million/534,000+ (live updates)

Further related reading:

Third round of stimulus checks start arriving

Many people were surprised to find out that their $1,400 stimulus payment had already been processed and was in their bank account this weekend - just days after the American Rescue Plan was signed off by President Biden.

 

Biden and Harris to visit Atlanta and Pennsylvania this week

President Biden and vice-president Harris have trips planned this week as part of the "Help is Here" tour in which they will be explaining the American Rescue Plan to the public. Biden is due in Delaware County, Pennsylvania on Tuesday. Vice-president Kamala Harris and her husband, second gentleman Doug Emhoff will travel back to the West Coast, stopping in Las Vegas on Monday and Denver on Tuesday. Emhoff will remain out west and make a stop in Albuquerque, New Mexico, on Wednesday. Biden and Harris will arrive in Atlanta, Georgia at the end of the week.

IRS under more strain to get stimulus checks out

The Internal Revenue Service has found itself snowed under with the added responsibility of delivering $1,400 stimulus checks to 85% of American households in the middle of the tax season and after suffering a 20% reduction in their workforce over the past decade. Nina Olson, a former taxpayer advocate at the agency, told NPR that the IRS is used to handling the extra load. "I think that the stimulus checks are the least of their worries in the sense that they've done this twice for the last 12 months, they have the programming in place for most of it. Certainly with the December round, they showed how quickly they could respond."

Stimulus payments "are on the way" the IRS confirm

The first batch of $1,400 stimulus payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week, the IRS has confirmed.

"Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic," IRS Commissioner Charles Rettig explained on the agency's official website. "The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit IRS.gov for the latest details on the stimulus payments, other new tax law provisions and tax season updates."

 

The American Rescue Plan "invests in our children"

Sen. Ed Markey spoke about the $7 billion of the $1.9 trillion American Rescue Plan allocated to distance learning and education: "It will help us prevent the homework gap from becoming a damaging, learning gap - and opportunity gap for our most vulnerable children. Children comprise 20% of our population, but they represent 100% of our future. The American Rescue Plan invests in them so they can realize the constellation of opportunities that is the American dream. That is why this provision is so important"

What does the American Rescue Plan mean to you?

 

US expats living abroad were eligible for the first two stimulus checks and will be for a third direct payment of $1,400 under Joe Biden’s American Rescue Plan.

Read more here:

Which families will receive the most money from the stimulus bill?

The stimulus bill President Biden signed on Thursday includes a larger increase in direct payments to families than any other pandemic relief bill passed yet. By some estimates, the bill could cut child poverty in half this year.

Full story via The New York Times.

Unemployment benefits will be exempt from taxes

None of the stimulus checks have been subject to taxes, but in the past the additional unemployment benefits programmes introduced for the pandemic were. The federal government has provided weekly payments of up to $600 for Americans who had lost their jobs but the money received did count as taxable income.

However the new stimulus bill changes that and makes unemployment benefits received in 2020 exempt from taxation for the first time. Claimants who earn less than $150,000 per year will not be taxed on the first $10,200 of unemployment benefits that they received in 2020.

It is thought that around 40 million Americans received some form of unemployment benefits last year. If you are yet to file your 2020 tax returns then you will not need to include unemployment benefits as taxable income.

Those who have already done so can use an amended tax return to correct tax returns that have already been submitted. This will allow recipients to reclaim tax erroneously paid on 2020 unemployment benefits.

Officials urge people to file tax returns electronically

(Reuters) Officials have urged people to file their tax returns electronically to ease the process, noting they could also qualify for other relief, including child tax credits.

The Biden administration said stimulus payments and other measures will boost economic growth and help Americans hit by the covid-19 pandemic, which is continuing to claim 1,400 lives in the United States each day.

Nearly 160 million U.S. households will receive some $400 billion in direct payments of $1,400 per person, helping individuals earning up to $75,000 annually and couples up to $150,000.

Those earning more, but less than $80,000 per individual or $160,000 per couple, will receive reduced amounts. Officials said they were coordinating with the Social Security Administration, other government agencies and financial institutions to avoid problems seen during the last round of stimulus payments, when checks went out to thousands of people who were deceased.

"We have a number of controls in place to make sure that we check and look at how those payments are going out," said one of the officials.

Tracking your stimulus check

You can track the status of your payment using the IRS Get My Payment Tool.

 

Third stimulus check requirements and eligibility: who is getting the payment?

The $1,400 direct payments have a different income threshold to previous rounds, which could see around 12 million Americans miss out on the federal funds.

Read the full story:

Biden

First stimulus payments to hit bank accounts this weekend

Americans will see the first direct deposits from President Joe Biden's $1.9 trillion covid-19 relief package hit their bank accounts this weekend, Treasury and Internal Revenue Service officials said on Friday.

A first tranche of $1,400 stimulus payments was processed Friday, with additional large batches of payments to be sent via direct deposits or through the mail as checks or debit cards in coming weeks, the officials said.

That means a family of four earning up to $150,000 will receive $5,600. Unlike the first two payments, which were limited to children under 17, this round of checks will also go to all qualifying dependents, including college students, adults with disabilities, parents and grandparents, the officials said.

They stressed that no action was required by taxpayers to receive the payments, which will be based on 2019 or 2020 tax returns, depending on which was the latest filed, or data supplied to the IRS last year by non-filers.

Pelosi

Pelosi prompts infrastructure package

US House Speaker Nancy Pelosi said on Friday she has directed key Democratic lawmakers to begin working with Republicans on a major infrastructure package.

Democrat Pelosi, who met on Thursday with the chairs of US House of Representatives committees that will oversee the infrastructure package, said in a statement: "Congress must work swiftly ... to craft a big, bold and transformational infrastructure package."

Schumer: Help is on the way

Senate Majority Leader thanked President Biden for his efforts in securing the success of the American Rescue Plan, reiterating to the American people that 'Help is on the way'.

Most people don't need to take action to receive stimulus checks

The Internal Revenue Service (IRS) announced that the third round of Economic Impact Payments will begin reaching Americans over the next week. Payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of these payments will be by direct deposit. No action is needed by most taxpayers; the payments will be automatic. 

"The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit IRS.gov for the latest details on the stimulus payments, other new tax law provisions and tax season updates," IRS Commissioner Chuck Rettig explained.

Republicans unhappy about stimulus checks going to prisoners

Republicans have continued to criticize Democrats for allowing stimulus checks to be sent to prisoners...

Undocumented workers can claim stimulus check this time

Unlike the previous stimulus bills, under the American Rescue Plan, undocumented workers can claim a $1,400 stimulus check as long as they have a social security number...

"The goals is to get these out at fast as possible"

IRS official, speaking to Reuters, on the distribution of the $1,400 stimulus checks, which started going out this weekend

How to cash out your third stimulus check

The US Department of Treasury will send out the payments depending on the information that the Internal Revenue Service (IRS) has on file when it comes time to send you your payment. Taxpayers who receive their tax refund via direct deposit should have their stimulus payment sent directly to thier bank account. However, if there is a problem with your account or you don't have direct deposit with the IRS, your payment will arrive by paper check or EIP pre-paid debit card.

Read more...

IRS confirms it has accurate account info for all TurboTax customers

There were several issues of stimulus checks going to the wrong accounts the last time out. But TurboTax customers apparently need not worry, as it confirmed with the IRS that they have accurate final bank account information for all its customers.

AOC breaks down the American Rescue Plan

Democratic congresswoman Alexandria Ocasio-Cortez breaks down what's in Joe Biden's $1.9 trillion stimulus bill: "Did we get everything that we wanted? Absolutely not. But did we get things that are gonna change people's lives. Absolutely yes!"...

All you beautiful people may have to wait a bit longer...

Third stimulus check: how many people will receive payment ?

Treasury and Internal Revenue Service officials confirm that $1,400 checks will start to arrive in bank accounts over the weekend.

Bitcoin

Stimulus checks money going to bitcoin?

Not everyone is going to need their $1,400 stimulus checks to pay bills, rent and other living expenses. It's expected that many will have the luxury of investing some or all of their stimulus money on stocks, shares or other options. And Bitcoin could prove to be a popular choice for many.

The value of bitcoin has been skyrocketing over the past few weeks, aside from a dip it took between 21-28 Feb. As such, several retail investors are -- however wisely or unwisely -- likely to invest stimulus money in the famous cryptocurrency, which could further push its price up.

If don't receive your stimulus check this weekend, don't worry

Some people have already received their checks. But if you're eligible and still haven't received one by Monday, there is no need to worry. There is another batch of checks that are coming in the next few weeks by both direct deposit and through the mail as a check or debit card.

Stimulus check calculator

CNBC has provided a very useful calculator that allows you to calculate how much stimulus check money can expect to receive for you and your qualifying dependents.

All you need to do is confirm your filing status (Single/Married/Head of Household), fill in your Adjusted Gross Income and select your No. of Dependents.

You can check it out here.

Wells Fargo gives update on processing of stimulus checks

Wells Fargo has said "it will process all of the direct deposits according to the effective date provided by the U.S. Treasury"....

How Americans will spend their stimulus checks

As the $1,400 stimulus checks hit bank accounts this weekend, President Joe Biden has published a video featuring a series of everyday Americans discussing how they plan to spend the money...

Biden will not have name on Stimulus Checks

Unlike former president Donald Trump, Joe Biden has opted not to have his name on the third round of $1,400 stimulus checks, which will help to speed up distribution. Trump faced harsh criticism for insisting that his name be on the previous checks, which led to a slow down in getting the checks out...

Image

Study shows retail investors will invest 40% of stimulus checks in stock market

A survey by Deutsche Bank has found that retail investors plan to invest 40% of their stimulus check money in stocks. The chart above breaks down the survey by age, income level and online investing experience.

Breakdown of stimulus bill aid money for states

Aside from helping individuals and families with measures such as the $1,400 stimulus check, the $3,000-3,600 child tax credit, and the extension of the $300 enhanced unemployment benefit, the American Rescue Plan has also allocated $360bn in aid for state and local governments. Below, Bloomberg has put together a graph indicating the amount incoming for each state...

Study shows retail investors will invest 40% of stimulus checks in stock market

A survey by Deutsche Bank has found that retail investors plan to invest 40% of their stimulus check money in stocks. The chart above breaks down the survey by age, income level and online investing experience.

Overview of the Stimulus Bill

Here is an overview of the highlight measures in the $1.9 trillion American Rescue Plan that was given final approval by Congress yesterday:

- $1,400 stimulus checks

- $160 billion for vaccine and testing programs 

- $360 billion in aid for state, local and territorial governments

- Extension of weekly federal benefit of $300 a week through 6 September. 

- Increase of child tax credit from $2,000 to $3,600 for children up to 6, and $3,000 for children between 6 and 17.

- $170 billion to help schools open

- $45 billion to help low-income households that have lost jobs pay rent, mortgages and utility bills.

IRS

Get My Payment tool to track status

Beginning Monday, taxpayers can log onto the Get My Payment tool on the IRS website to check the status of these payments.

Officials urged people to file their tax returns electronically to ease the process, noting they could also qualify for other relief, including child tax credits.

The Biden administration said stimulus payments and other measures will boost economic growth and help Americans hit by the  pandemic, which is continuing to claim 1,400 lives in the United States each day.

Dallas

US economy gaining traction

On eight of the last 14 days, the Transportation Security Administration cleared more than a million people per day to board air-planes, the first such stretch during the pandemic outside of the Christmas and New Year's holiday weeks.

The numbers of people eating at restaurants has begun rising, data from reservation site OpenTable shows. While still low overall, in states like Texas and Florida patronage at reopened restaurants is more than 80% of a year ago, just before the pandemic - a sign people are willing to return to in-person activities as they become available.

Shift work at a broad set of industries jumped in the first week of March to nearly 90% of the pre-pandemic level, according to time management firm UKG, the highest reading in its labor index since last spring's jobs crash. Data on small businesses provided by time management company Homebase have also seen a steady rise in employment this year.

Beyond private business, school reopenings should mean the rehiring of bus drivers, cafeteria workers and others furloughed last year, and may speed the return to work of mothers and fathers unable to leave the home.

vaccine

Grounds for optimism ...

The growth in covid cases is slowing, and households now have an income buffer for another five months, time for the pandemic to abate more fully.

There are plenty who still need help. Last week another 712,000 filed initial claims for unemployment, and more than 20 million continued collecting benefits in late February. Those numbers may not come down fast until the virus recedes enough that the most damaged parts of the economy, particularly the travel and hospitality industries, can fully reopen.

Third stimulus check: link and how to apply in IRS portal

President Joe Biden's American Rescue Package was finally passed by Congress and this will see the third iteration of stimulus payments issued to Americans.

Wall St.

Markets: Stocks post sharp weekly gains; Treasury yields, dollar rise

An index of stocks across the world dipped on Friday but still posted its strongest weekly gain in five, while benchmark U.S. Treasury yields climbed to 13-month highs, partly on optimism after a $1.9 trillion recovery package was signed into law.

With U.S. stimulus coming and vaccine rollouts reopening economies against a backdrop of super-loose monetary policy, some analysts expect inflation to pick up.

"We are back to the idea that more growth is more inflation and investors are a little nervous about current yield levels which is affecting tech stocks," said Victoria Fernandez, chief market strategist at Crossmark Global Investments in Houston.

"It's all about the pace in which yields grow and the market seems to be comfortable with another 10-20 basis points jump in the benchmark yield if backed up by strong data that shows economic recovery."

Schumer: Help is on the way

Senate Majority Leader thanked President Biden for his efforts in securing the success of the American Rescue Plan, reiterating to the American people that 'Help is on the way'.

Nancy

Pelosi prompts infrastructure package

U.S. House Speaker Nancy Pelosi said on Friday she has directed key Democratic lawmakers to begin working with Republicans on a major infrastructure package. Democrat Pelosi, who met on Thursday with the chairs of U.S. House of Representatives committees that will oversee the infrastructure package, said in a statement: "Congress must work swiftly ... to craft a big, bold and transformational infrastructure package."

Biden

Biden speech draws more broadcast viewers than Trump's first TV address

US President Joe Biden's prime-time address on the fight against covid-19 attracted more broadcast television viewers on Thursday than former President Donald Trump's first speech to the nation, according to preliminary ratings data.

Roughly 18.2 million people watched Biden's speech on U.S.broadcast networks ABC, CBS, NBC and Fox, Hollywood publications Deadline and The Wrap reported on Friday. The speech was delivered just hours after Biden signed a $1.9 trillion stimulus bill into law, and came on his 50th day in office.

Joe B

First stimulus payments to hit bank accounts this weekend -officials

Americans will see the first direct deposits from President Joe Biden's $1.9 trillion covid-19 relief package hit their bank accounts this weekend, Treasury and Internal Revenue Service officials said on Friday.

A first tranche of $1,400 stimulus payments was processed Friday, with additional large batches of payments to be sent via direct deposits or through the mail as checks or debit cards in coming weeks, the officials said.

That means a family of four earning up to $150,000 will receive $5,600. Unlike the first two payments, which were limited to children under 17, this round of checks will also go to all qualifying dependents, including college students, adults with disabilities, parents and grandparents, the officials said.

They stressed that no action was required by taxpayers to receive the payments, which will be based on 2019 or 2020 tax returns, depending on which was the latest filed, or data supplied to the IRS last year by non-filers.

Coronavirus US: what has Biden said about vaccinating the adult population?

The vaccine rollout continues with a new shot from Johnson & Johnson as the President announces new targets for the US to begin to remove pandemic restrictions.

Third stimulus check requirements and eligibility: who is getting the payment?

The $1,400 direct payments have a different income threshold to previous rounds, which could see around 12 million Americans miss out on the federal funds.

How to cash out your third stimulus check

Stimulus payments will start hitting bank accounts this weekend, but you may be receiving your stimulus money via an EIP debit card. Find out more.

Hello and a very warm welcome to to our live feed on Saturday as we bring you all the news and reaction after President Joe Biden signed his $1.9 trillion relief package into law on Thursday, which will allow for the the first $1,400 stimulus check payments to be sent as early as this weekend.

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