The proposed $1.9 trillion coronavirus bill is making quick progress. Hopes are high that another round of stimulus checks will be given soon.
President Biden’s insistence on the immediacy of the bill remains firm. Also referred to as the American Rescue Plan, the bill is set to now appear in the Senate. There has been an obstruction in the bill as the Senate Parliamentarian disqualified the minimum wage raise provision in the bill.
However, with its exclusion, senators are almost certain that the bill will face very little resistance in the Senate.
Exact Status Of The Stimulus Check
Provided the minimum wage disqualification is a major blow to low-income workers, the bill is still set to inject funding into schools, private businesses, and administrative offices. It will also offer tax breaks, and increase funding for Covid measures.
Democrats are pushing for the bill to be ratified by the Senate by March 14, as the aid for the jobless is set to end. The IRS has said that it is keeping close tabs on what is happening at Capitol Hill. The body has repeatedly urged people to file their tax returns properly before the bill is brought to action because the amount to be paid will depend on their most recent tax return. An outdated return might keep a person from getting their deserved amount.
The major factor in deciding the amount received will be a person’s income. The stimulus checks start from $1,400 for a single person and $2,800 for married couples. However, the amount would reduce in stages for people with incomes above $75,000. Some senators argue that the relief checks should aim more at low-income families however research has shown that the whole nation is suffering from economic pains.
This third round of stimulus checks is projected to ease the financial burden of around 23 million people for almost four months.
