When $1,400 Stimulus Checks Will Arrive Now That Senate Has Passed Biden's $1.9T Package
The Senate passed President Joe Biden's coronavirus stimulus package on Saturday, bringing a third round of stimulus checks worth $1,400 one step closer to reaching Americans.
Now the legislation will be sent back to the House of Representatives for approval before it can be signed into law by Biden—a process that lawmakers pledge will happen prior to March 14, when current unemployment benefits are set to expire.
The $1.9 trillion stimulus package passed in the Senate after an intense "vote-a-rama" period and following weeks of negotiations.
The revisions led Democrats to agree to drop a bid for a $15 minimum wage increase, tighten income thresholds for the next round of $1,400 stimulus checks, and reduce weekly unemployment benefits from $400 to $300.
Now, individuals earning up to $75,000 and couples with incomes below $150,000 will still be eligible to receive $1,400 direct payments, but checks would end for individuals making $80,000 and couples earning $160,000.
The new round of stimulus payments will likely be delivered to Americans at a similar rate as the second round of stimulus payments, worth $600, were sent in December.
After former President Donald Trump passed that round of payments on December 27, the first checks started going out on December 29 ahead of the official payment date of January 4.
On Saturday, CNET reported that the House could move forward with passing the revised legislation as early as Tuesday, and the president could sign the bill into law by Wednesday, March 10.
If so, the $1,400 stimulus payments could be sent out to Americans via direct deposit just one week later on the week of March 17. Since direct deposit is the fastest method, the first paper checks would likely come a week after that, while the first EIP (Economic Impact Payment) cards would be sent the week of March 31, according to CNET.
However, complicating those matters is the prospect of further changes to the criteria for those receiving the checks. Also, checks could be approved and ready to go in the middle of tax season, which might impact the IRS's processing and delivery plans, the outlet reported.
Though some Americans could see checks by the end of the month, there have been some serious delays with the first two rounds of stimulus payments, and many Americans still have not received their checks.
But according to MoneyWise, if the American Rescue Plan is passed as early as March 12, Americans will likely begin receiving their payments in the second half of the month.
On Saturday, Biden echoed that claim by pledging that many Americans would see their payments by the end of March, CNN reported.
"When we took office 45 days ago, I promised the American people help was on the way. Today, I can say we've taken one more giant step forward on delivering on that promise — that help is on the way," the president said.
"This plan will get checks out the door starting this month to the Americans that so desperately need the help," he added.
Newsweek contacted the IRS for additional comment, but did not hear back in time for publication.
