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New incentive law to become law in a few days? What you need to know now, what happens next



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On Tuesday, the House will vote on the amended bill, which would allow Biden to sign halfway through the week.

Sarah Tew / CNET

Top Democrats’ plan to accelerate nearly $ 2 trillion stimulus bill follows an accelerated course after Senate votes in favor approves the COVID-19 help package Saturday. In fact, Senate and House leaders predict that President Joe Biden will sign the COVID-19 bill for the week.

The version of the bill (PDF) in the Senate contains a number of changes that affect the total you could receive in a check for $ 1,400 by review of income limits for the third incentive paymentThe change means millions of people is not eligible for a new check Unemployment benefits have also been rewritten from the original proposal, but expanded tax credits for children to families with a lower income and financing for Distribution of COVID-19 vaccines are unchanged.

The increase the federal minimum wage to $ 15 was impeached to pass the bill through the senate, but proponents promise to reenter it at a later date. Here’s what you need to know about the stool bill, including the timeline to deliver new incentive checksThis story is regularly updated.

What happens next with the incentive account?

Steny Hoyer, majority leader of the house, said the house will vote on the Senate’s version of the bill on Tuesday (pdf) after voting on Monday to move forward, Hoyer said in a statement.

What often happens in such a case is that the Senate and the House must link two different versions of the bill. They could potentially set up a conference committee to negotiate a common ground between the two proposals. When the versions are reconciled, the committee will prepare a report detailing the changes the two chambers can agree to before sending the plan to Biden to be signed into law.

It is not clear at this point whether the House will simply vote on the bill passed by the Senate as it is or whether there will be additional committee work behind the scenes.


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Stimulus Check # 3: What You Need to Know


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A strict income limit to accompany the $ 1,400 stimulus check

The $ 1,400 stimulus check will go out as of this month, tens of millions of Americans “targeting” checks at lower incomes and cutting off those categorized as “higher earners”. Below the new eligibility rules, some who were eligible for the first two payments should not make the cut for a third. A hard income, meant to exclude higher incomes from getting a check, would be accompanied by a rule change regarding the use of dependents in the stimulus check formulaCheck out our stimulus payment calculator to see how the new Senate income ceiling will affect you.

The new proposal would give the IRS a December 31st deadline to complete sending the incentive checks.

For this third round of payment, Congress Democrats plan to record both adult dependents and children and families with mixed status citizenshipBe here all the ways a third check could make you more money how you can get less or how you could be completely disqualifiedHere’s what happens with your total when a check arrives during tax seasonAnd here is how the third check compares to the first two payments approved in 2020.

$ 300 in weekly unemployment benefits, but with tax credits

Under Senate Democrats’ plan, federal unemployment checks would extend to Sept. 6 to allow a $ 300 per week rateThe House had initially proposed a weekly payment of $ 400 that expired in August. The Senate plan would do that too reduction of the tax burden on unemployment benefits for households earning less than $ 150,000 per year. If the new bill is approved before March 14, the weekly will be extended $ 300 federal unemployment checks Congress approved in December without a hole in funding

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Democrats want to help students with loans.

Sarah Tew / CNET

Expansion of the child discount for 2021 that is worth more than incentive vouchers

The bill would extend the child discount which currently allows families to claim a $ 2,000 credit for children under 17. If approved, the plan would extend the benefit to lower-income families who would otherwise not receive the credit. Families can claim up to $ 3,600 per year for a child under the age of 6 and up to $ 3,000 per year for children between the ages of 6 and 17.

The plan also removes a provision that you must earn $ 2,500 per year to receive the credit and makes the credits fully refundable. Plus, it would extend the tax credits by one year to help cover childcare costs. As a tax credit, families could get back as much as half of their childcare expenses for children under 13, up to $ 4,000 for a single child and $ 8,000 for two or more children.

No $ 15 minimum wage increase yet

Senate Democrats dropped a provision in the bill to raise the minimum wage, after the Senate MP decides which items can and cannot be included in the bill under a technique known as budget reconciliation, found that the provision was outside the guidelines. Proponents will try to include the $ 15 hourly rate in another bill.

“If a senator believes this is the last time he will vote on whether or not to give a raise to 32 million Americans, he is seriously mistaken,” Senator Bernie Sanders tweeted on March 5. it up, and we’ll get it done because it’s what the American people ask for and need. “

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Congress can set aside more money for tax breaks for children.

Sarah Tew / CNET

What’s the matter with student loan forgiveness?

While canceling student loan debt is part of the discussion, Senate Democrats and Biden have different dollar figures in mind for how much to cancel. Biden said on Feb. 16 that he is in favor of canceling $ 10,000 in student debt per borrower and extending the pause on student loan repayment. Biden’s figure is at odds with a Senate Democrat proposal calling for $ 50,000 in student debt to be forgiven.

“I really think that at this point in time of economic pain and stress, we should eliminate interest on the debt that has accrued, # 1. And # 2, I am willing to write off the $ 10,000 debt, but not. $ 50,000, ”said Biden. The house and senate versions of the bill do not cover student loan debt.

What about the money for the supply of the coronavirus vaccine?

More than 96 million vaccine doses have been distributed in the US so far – and more than 75 million administered – and the country is on track to meet Biden’s goal of 100 million shots in the first 100 days of his administration (April 30 marks his 100th day). in the office.) In a town hall-like rally on CNN on Feb. 16, Biden said the country will have enough supplies by the end of July to vaccinate everyone in the US. The goal then becomes to have enough of the other supplies and people to administer the vaccine.

Biden’s plan would set aside $ 160 billion for one national vaccine program that would help national and local governments get the vaccine into the arms of the people.

Funding to Help Schools Reopen During COVID-19

Getting students back into physical classrooms is a critical part of the economic recovery. The bill would work to return students to schools by safely reopening a majority of classrooms from kindergarten through eighth grade in the first 100 days of administration.

Extra money for national, local and tribal governments

Since the fall, economists have urged Congress to provide funding for state and local government jobs. “The arguments for additional aid are strong because the downside risk of doing nothing is very real,” said 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.” In addition to state and local funding, the bill would provide money for food and water aid and food stamps.

Deportation ban has already been extended until September

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

For more information on incentive money, here are the Most Important Facts You Should Know About Stimulus Controls, how calculate the size of your check and how you Dependents can get into your payment




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