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Home / Tips and Tricks / New Incentive Bill Update: Major things are happening right now, including a check for $ 1,400

New Incentive Bill Update: Major things are happening right now, including a check for $ 1,400



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Congress is on track to complete the latest stimulus package much faster than the previous one.

Sarah Tew / CNET

House Democrats unveiled the most recent version of President Joe Biden’s $ 1.9 trillion stimulus bill on Friday. And while the bill is not yet law – top lawmakers are still looking for proposed changes – this is the latest confirmation that the stimulus package is on track before the current one. unemployment benefits expire March 14. “We will meet this deadline,” Senate leader Chuck Schumer said Friday.

The Democrats, who now control the House and Senate, are speed up the passage of an account using a technique called budget reconciliationThat will allow them to move on without Republican backing. While Democrats cite polls that Republican voters support a larger stimulus package, GOP leaders say the nearly $ 2 trillion price tag is just too high, The New York Times reported.

The incentive package, called the American Rescue Plan Act of 2021, includes one third stimulus check, in front of up to $ 1,400The aggressive timeline would give a new incentive payment next month, right in the in the middle of tax season (here’s why that matters)Legislation could also potentially be expanded federal unemployment assistance through August and finance the distribution of vaccinesA plan for the federal minimum wage up to $ 15 an hour is included too, but we’ll explain why that’s complicated, as well as anything important that the package might contain. This story has been updated with new information.

A third stimulus check of $ 1,400, with an upper limit on income

Congress acquiesces on the $ 1,400 stimulus check amount. Coupled with the $ 600 Congress approved in late 2020, this would amount to a $ 2,000 payment that some people have been calling on for months.

Congress is also looking at focuses the checks on people with a lower income than this one who qualified for the first two payments, while retaining the income requirements the same. A hard income, meant to exclude higher incomes from getting a check, would be accompanied by a rule change for the use of dependents in the stimulus check formulaCheck out our stimulus payment calculator to see how that could work for you.

The new proposal would give the IRS a deadline of December 31, 2021 to complete sending the stimulus checks.

For this third payment round, President Joe Biden urges to record both adult dependents and children and families with mixed status citizenshipBe here all the ways a third check could make more money, or how you can get less or be completely disqualifiedHere’s what happens with your total when a check arrives during tax season


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Stimulus Check # 3: What You Need to Know


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Is student loan waiver part of the bill?

Biden supports canceling $ 10,000 in student debt and extending the break on student loan repayment. Earlier this month, Senate Democrats, led by Senator Elizabeth Warren, submitted their own proposal to forgive up to $ 50,000 in student debt.

“I really think in this moment of economic pain and tension we should eliminate the interest on the debt that has accrued, number one. Biden said February 16. The current bill does not cover student loan debt.

Additional $ 400 in Federal Unemployment Benefits

The weekly $ 300 federal unemployment checks Congress approved in December as part of the $ 900 billion COVID relief legislation expires in MarchDuring his presidential campaign, Biden pushed for unemployment reform, saying he would work with Congress to extend unemployment benefits approved under last year’s CARES law and extended in December, “how long this crisis also lasts. ”

The House version of Biden’s plan would send $ 400 federal unemployment benefits through August, with triggers that would extend benefits beyond September for those still out of work and include automatic payment adjustments related to health and economic conditions.

If a new bill is passed on March 14, it would extend federal unemployment assistance without a shortage of funding.

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Democrats will push for an extension and increase of federal unemployment aid to an additional $ 600 per week.

Sarah Tew / CNET

A larger child discount would generate more money for many families

In his plan, Biden suggests extension of the child discount that currently allows families to claim a $ 2,000 credit for children under the age of 17. If approved, the plan would extend the benefit to lower-income families who would otherwise not receive the credit. Under Biden’s plan, families could claim up to $ 3,600 per year for a child under the age of 6 and up to $ 3,000 per year for children ages 6 to 17.

Howard Gleckman, a senior fellow at the Tax Policy Center, said the expansion would target low- and middle-income households. “More than a third of the benefits would go to the lowest-income parents, who would receive an average tax cut of nearly $ 3,300,” Gleckman wrote on Feb. 10. “Low- and middle-income parents would receive nearly 80% of the income. Benefits.”

The plan would also extend childcare tax credits by one year to cover childcare costs. Under Biden’s plan, families could get a tax credit from as much as half of their childcare expenses for children under age 13, to $ 4,000 for a single child and $ 8,000 for two or more children.

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Biden has asked Congress to cancel a student debt of up to $ 10,000.

Sarah Tew / CNET

Delivery of the coronavirus vaccine across the US.

Nearly 80 million doses have been distributed in the US so far – and nearly 60 million administered – and the country appears to be on track to meet Biden’s goal of 100 million vaccination attempts during the first 100 days of his administration (April 30 would be 100 days after the inauguration of Biden on January 20). Speaking at a town hall-style rally on CNN on Feb. 16, Biden said the country will have enough supplies to vaccinate everyone in the US by the end of July. The goal then becomes to have enough other supplies and people to administer the vaccine.

Biden’s plan would be $ 160 billion for one national vaccine program that would help state and local governments get the vaccine into people’s systems.

Is a $ 15 Minimum Wage Part of the Home Bill?

One area still under discussion is one increase the minimum wage in the bill, that the national minimum wage would gradually increase to $ 15 an hour over five years (longer for some groups of workers).

While it is unclear whether the pay rise will make it through the Senate and become part of the latest package, the current version of the House law included provision for the federal minimum wage increase of $ 15. The Senate could remove that from its version of the proposal before it is sent back to the House for a final vote – it does not fit in the rules for, for example budget reconciliationBiden has reportedly acknowledged that this is unlikely to happen with this bill, Politico reported.

If a minimum wage increase doesn’t make it to the last bill, Biden has said he’s committed to raising it from the current $ 7.25 an hour as part of a separate negotiation with Congress.

On January 24, Biden signed an executive order directing the Office of Personnel Management to issue recommendations for a minimum wage increase to $ 15 an hour for federal jobs.

Funds to Help Schools Reopen During COVID-19

A critical part of the economic recovery is getting students back on campus. “We will also need tens of millions of dollars to help our schools reopen and open safely,” Biden said on Jan. 8. The Biden Plan would work to return students to schools through a majority of kindergarten through the 8th. classrooms reopen safely in the first 100 days of administration.

Extra money for national, local and tribal governments

Along with the extension of liability protections pushed by Republicans, democratic support for state, local and tribal government funding was a major impediment to reaching an agreement on a new economic assistance package in the second half of last year. With Democrats who control the House, the Senate and the White House, Biden has pledged support for state and local funding as part of his government’s aid package.

Since the fall, economists have urged Congress to provide funding for jobs in the state and local government. “There are strong arguments in favor of additional help, because the downside risk of doing nothing is very real,” said the conservative think tank American Enterprise Institute late last year. “The fact that more than 1 million state and local government employees have lost their jobs is a sign that the tax problems have had real repercussions.”

On January 8, Biden reiterated his concern that state and local governments were “cutting jobs” as a result of the pandemic, and pledged to provide “immediate assistance”. In addition to government and local funding, Biden’s plan would provide funds for food and water aid and food stamps.

The deportation ban will be extended until September

On January 20, Biden signed an executive order extending the deportation ban to March, meaning it may not be part of the latest new stimulus law at all. Biden’s proposal would extend the expulsion and disqualification moratoriums until September 30. The plan would provide $ 30 billion in rental assistance to renters and small landlords, especially low- and middle-income households.

We will continue to update this story as Biden reveals more details about his plans. For more information on incentive money, here are the Most Important Facts You Should Know About Stimulus Controls


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