President Joe Biden and the Democratic Party have proposed to give Americans a third round of $1,400 stimulus checks as part of President Biden’s $1.9 trillion coronavirus relief package. Here are three important things you need to know about it:
Who will be receiving a check?
Checks will be given based on your reported adjusted gross income:
|Third Stimulus Check Income Criteria|
|Adjusted Gross Income (Single)||Payment||Adjusted Gross Income (Joint)||Payment|
|$75,000 or lower||$1,400||$150,000 or lower||$2,800|
|$100,000 or over||$0||$200,000 or over||$0|
It’s also important to note that only American citizens, green card holders and qualifying resident aliens will be eligible for stimulus checks.
When will people start receiving the check?
The US government is currently reviewing the proposal for the third round of stimulus checks. Since President Trump’s $900 billion relief bill expires on March 14, the government is aiming to have these checks sent close to that date. Depending on how you are receiving the check, it may take a week to a couple of weeks to receive it.
How will checks be sent?
Checks will be sent through direct deposit to your bank account, paper check to your mailing address, or prepaid debit cards. If the IRS has your bank account on file from previous tax returns, you will be receiving the check through direct deposit.