President Joe Biden just signed the $1.9 trillion coronavirus relief package into law (one day prior to when we expected).
“This historic legislation is about rebuilding the backbone of this country and giving people in this nation, working people, middle class folks, people who built the country, a fighting chance,” Biden said.
“That’s what the essence of it is.”
The White House will be holding a celebration for the signing of the bill tomorrow.
It’s pretty crazy to think that the World Health Organization (WHO) declared coronavirus a pandemic one year ago today.
Tedros Adhanom Ghebreyesus, director general of WHO, said on this date last year that they are, “deeply concerned by the alarming levels of spread and severity” of the virus.
Over the course of the past 12 months, we’ve been following the developments for various stimulus packages and there has been a lot of ups and downs.
We’ve seen proposals come and go, rumors swirl, worries and concerns grow, and at times it has been just flat out exhausting and borderline depressing to keep up with all of it.
But now we are seeing vaccine distribution ramp up to high levels, venues beginning to open up, and there is a growing sense of hope that travel and events will be returning relatively soon.
It seems like we are now mostly done with dealing with horrific death surges and now it’s just a matter of time before the vaccines start to do their magic to bring infection rates down to negligible numbers.
While things are certainly trending toward a positive outcome, it’s possible that we might see another smaller stimulus package in the future and I will keep you updated if that is the case.
But it feels like with this $1.9 trillion stimulus deal now signed into law, we are starting to close the worst chapter on this virus.
The $1.9 trillion coronavirus relief bill was just passed Wednesday by the House of Representatives.
House Democrats passed the legislation on party-line vote of 220-211. No Republicans voted in favor.
President Biden has said it to sign the bill into law on Friday afternoon.
“This bill represents a historic, historic victory for the American people. I look forward to signing it later this week,” he said.
“Everything in the American Rescue Plan addresses a real need – including investments to fund our entire vaccination effort. More vaccines, more vaccinators and more vaccination sites.”
This is great news because there was a little bit of concern that the House may want to make alterations to the bill that could slow down the process and potentially open up Pandora’s box in terms of more negotiations.
Considering all of the set backs that occurred leading up to the second round of checks, this process went by much smoother.
If the bill goes into law tomorrow then that means that stimulus checks could start going out a week from tomorrow.
However, it is also possible that payments might be delayed slightly due to the resources being used to process tax returns.
The eligibility criteria is different this time around and if you need a calculator to help you determine your expected payment, you can use the calculator found here.
Remember to keep an eye out in your mailbox because last time, some Americans had their payments switched from direct deposit to paper checks or debit cards.
So just because you received your funds electronically last time, that does not mean that you will not receive them via a paper check.
After getting passed by the Senate, the $1.9 trillion American Rescue Plan stimulus package is now one step closer to becoming law.
The bill now has to go back to the House which must pass the Senate version in order to proceed without needing a committee to reconcile differences.
President Biden indicated that stimulus checks will start to go out by the end of this month.
“This plan will get checks out the door, starting this month, to the American people who so desperately need the help, many of whom are lying in bed at night, staring at the ceiling, wondering, ‘Will I lose my job, if I haven’t already? Will I lose my insurance? Will I lose my home?'” Biden said.
While it is not 100% official yet, it looks like the new eligibility criteria will go into effect for these checks.
This means that you will be entitled to the full $1,400 payment if you make $75,000 or less as an individual or $150,000 or less as a couple filing jointly.
However, if you make $80,000 or more as an individual, you will not be able legible for a payment at all.
That is a pretty big change from the prior proposed limits that allowed individuals to receive payments even when making up to $100,000.
In fact, roughly 8,000,000 people will likely lose out on eligibility. While that number is quite high, 200 million adults and 80 million children will still receive payments.
Things will be much better for families that qualify this go round.
President Biden noted that a typical middle-class family of four consisting of a husband and wife with two children and making $100,000 a year would qualify for direct payment of $5,600.
“That means the mortgage can get paid. That means the child can stay in community college. That means maintaining the health insurance you have. It’s going to make a big difference,” Biden said.
It is very likely that the House will pass the Senate version of the bill today. (If they don’t, then a joint committee will have to reconcile the differences between the two chambers.)
Assuming that the House passed the bill, it will likely be signed into law prior to March 14, 2021 which is in line with Biden’s prediction of checks going out later this month.
For the second round of stimulus checks, the IRS began making direct deposits just two days after the package was signed into law. And within three days, paper checks began going out. So this should be very doable.
Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.