The third round of stimulus checks is in its final stages. It is worth $1,400 per person, the highest amount so far. The Senate is fine-tuning the bill to get the money to the people who need it the most as soon as possible. With how the discussions are proceeding, this round of stimulus checks will probably have different criteria compared to the first two.
As it stands, the upcoming round of stimulus checks is a part of the $1.9 trillion coronavirus relief bill. It includes reinstating the expiring jobless aid as well as putting more funds towards covid vaccination measures. However, a clause that raised the daily minimum wage to $15 had to be removed from the bill after it was deemed disqualified in the House of Commons. One more factor is that this time around, it is the tax-filing period. So it remains to be seen how efficiently the IRS deals with all the paperwork.
The Difference In The Stimulus Checks
There are already significant differences in the eligibility for the $1,400 stimulus check. The age limit for dependency has been extended to include any age. So far only the dependents who were aged 16 or less were qualified. Moreover, the dependents are also entitled to the same amount of $1,400 as the earning individual.
The upper limit for the head of households has been raised to $150,000, compared to the $124,500 limit of the previous round. Similarly, for those filing jointly, the limit is now $200,000, the highest so far. Perhaps most importantly, any family is eligible for the third round as long as any member has a social security number.
The final date for issuing payments has been set for December 31 of 2021.