Stimulus Bill Poised To Pass Wednesday Morning. When Will Biden Sign
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The House intends to vote on the amended bill Wednesday morning, which means President Biden could sign it before the weekend.
The $1.9 trillion stimulus bill is on track to pass Wednesday in the House -- its final hurdle before becoming law. This is a new version of the bill, which is why the House is voting again. That's because the [/news/senate-approves-1-9-trillion-stimulus-bill/ Senate made some changes] after the first time the House introduced the proposal. This final iteration of the package is expected to pass in the House largely along party lines, and then go to President Joe Biden for a signature, which would make the [ $1,400 stimulus checks] and [/personal-finance/weekly-300-unemployment-benefits-how-long-theyll-last-what-about-taxes/ supplemental unemployment payments] official ahead of a March 14 deadline Democrats have aimed toward for months.
This new version of the COVID-19 relief bill will affect [ how much of the $1,400 check you could receive] by [/personal-finance/new-stimulus-check-cutoff-means-millions-wont-get-the-full-1400-heres-how/ reducing income limits] for the [ third stimulus payment]. The changes will exclude millions of people [/personal-finance/every-reason-you-might-not-qualify-for-a-1400-stimulus-check-what-to-know/ from qualifying for the new payment]. Lawmakers also [/personal-finance/weekly-300-unemployment-benefits-how-long-theyll-last-what-about-taxes/ lowered the weekly unemployment insurance rate] from the initial House version, but left alone expanded [/personal-finance/child-tax-credit-2021-approval-could-bring-more-money-than-stimulus-checks-what-to-know/ child tax credits] to lower-income families and funding for [/news/where-to-get-a-covid-19-vaccine-walgreens-walmart-disneyland-more/ COVID-19 vaccine distribution].
The Senate dropped a [/news/15-federal-minimum-wage-can-senate-democrats-keep-it-in-the-bill-what-you-should-know/ federal minimum wage increase] from the legislation, but proponents vow to reintroduce it at a later date. Here's what you need to know about the relief bill that is back with the House, including [ the timeline to deliver new stimulus checks]. This story is frequently updated.
When could the stimulus bill pass and how soon could Biden sign it into law?
The House will spend Tuesday preparing the stimulus legislation for [ a final vote beginning Wednesday at 9 a.m. ET], which is when the session will start.
When and if the bill passes the House, it will go to the president, who is expected to sign it into law as soon as he receives it. Former President Donald Trump signed the March 2020 CARES Act a day after it passed Congress, but it took multiple days for the December 2020 bill to be processed and presented to him for a signature.
We don't know when Biden will receive the bill from the House, but we do know that he will [ address the nation Thursday evening] to mark the first anniversary of the COVID-19 crisis. It isn't clear if he will sign the bill before the speech. Once he does, various government agencies will begin to access that funding and ramp up their programs, including [ sending a third stimulus check].
Stimulus check No. 3: http://gap.alexandriaarchive.org/gane/edit-place?placeID=14699 What you need to know
A strict income cutoff for the $1,400 stimulus payment
The [ $1,400 stimulus check] will start going out to [ tens of millions of Americans starting this month], [/personal-finance/new-stimulus-check-cutoff-means-millions-wont-get-the-full-1400-heres-how/ "targeting" checks to lower income earners] and cutting off those categorized as "higher earners." Under the [ new eligibility rules], some who qualified for the first two payments [/personal-finance/every-reason-you-might-not-qualify-for-a-1400-stimulus-check-what-to-know/ may not make the cut] for a third. A hard ceiling on income, designed to exclude higher earners from getting a check, would come with a rule change regarding the [/personal-finance/dependents-and-stimulus-checks-money-tax-breaks-whos-eligible-more/ use of dependents] in the [/news/large-stimulus-check-or-nothing-at-all-the-equation-matters-more-than-you-may-think/ stimulus check formula]. Check out our [ stimulus payment calculator] to see how the new Senate income cap will affect you.
The new proposal would give the IRS a deadline of Dec. 31 to finish sending the stimulus checks.
For this [ third round of payments], congressional Democrats intend to include [/personal-finance/dependents-and-stimulus-checks-money-tax-breaks-whos-eligible-more/ adult dependents as well as children] and [/news/mixed-status-citizenship-and-stimulus-checks-what-to-know-for-the-next-payment/ families with mixed-status citizenship]. Here are [/personal-finance/new-stimulus-check-8-ways-you-could-get-more-than-a-1400-payment/ all the ways a third check could bring you more money], [/news/sorry-you-might-actually-get-less-money-in-a-third-stimulus-check-heres-how/ how you could get less] or how you might [/personal-finance/every-reason-you-might-not-qualify-for-a-1400-stimulus-check-what-to-know/ be disqualified altogether]. Here's what [/personal-finance/stimulus-check-delivery-during-tax-season-answers-to-what-youre-asking-or-should-be/ happens to your total if a check arrives during tax season]. And here's [/personal-finance/1400-stimulus-check-versus-600-and-1200-checks-new-important-detail-to-know/ how the third check compares with the first two payments] approved in 2020.
$300 in weekly unemployment benefits, but with a tax break
Under the Senate Democrats' plan, federal unemployment checks would extend to Sept. 6 at a [/personal-finance/weekly-300-unemployment-benefits-how-long-theyll-last-what-about-taxes/ $300 weekly rate]. The House had initially proposed a $400 weekly payment ending in August. The Senate plan would also [/personal-finance/stimulus-bill-unemployment-benefits-how-a-new-tax-break-could-save-you-money/ reduce the tax burden on the unemployment money] for households earning less than $150,000 a year. If the new bill is approved by March 14, it would renew the weekly [/news/300-bonus-unemployment-checks-more-states-sending-payments-what-you-should-know/ $300 federal unemployment checks] Congress approved in December [/news/300-bonus-unemployment-checks-will-you-have-to-pay-taxes-what-you-should-know/ without a gap in funding].
Democrats want to help students with loan debt.
Expanded child tax credit for 2021 worth more than stimulus checks
The bill would [/personal-finance/child-tax-credit-2021-approval-could-bring-more-money-than-stimulus-checks-what-to-know/ expand the child tax credit] that currently allows families to claim up to a $2,000 credit for children under 17 years of age. If approved, the plan would extend the benefit to lower-income families who otherwise [ wouldn't receive] the credit. Families could claim up to $3,600 per year for a child under 6 and up to $3,000 per year for those between the ages of 6 and 17.
The plan also removes a provision that you have to make $2,500 a year to receive the credit and makes the credits fully refundable. In addition, it would expand tax credits for one year to help cover the cost of childcare. Families could get back as a tax credit as much as half their spending on childcare for children under age 13, up to $4,000 for a single child and $8,000 for two or more children.
What's happened to forgiving student loan debt?
Though forgiving student loan debt is part of the discussion, Senate Democrats and the president have different dollar figures in mind for how much to cancel. [ Biden on Feb. 16 said] he supports 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, however, that calls for [ canceling up to $50,000 in student debt].
"I do think that, in this moment of economic pain and strain, that we should be eliminating interest on the debts that are accumulated, No. 1. And No. 2, I'm prepared to write off the $10,000 debt, but not $50,000," [ Biden said]. While the House and Senate versions of the bill don't forgive student debt, the Senate added a provision that would make tax-free any forgiven student loan, [ according to the New York Times].
Congress may set aside more money for child tax credits.
No $15 minimum wage increase yet
Senate Democrats jettisoned a provision in the relief bill to boost the minimum wage, [ after the Senate parliamentarian], who determines which items can and can't be included in the bill under a [/news/stimulus-bill-drama-budget-reconciliation-can-fast-track-the-package-but-has-one-huge-limit/ technique known as budget reconciliation], determined that the provision fell outside of guidelines. Proponents will look to include the $15 hourly rate in another bill.
"If any Senator believes this is the last time they will cast a vote on whether or not to give a raise to 32 million Americans, they are sorely mistaken," [ Sen. Bernie Sanders tweeted] March 5. "We're going to keep bringing it up, and we're going to get it done because it is what the American people demand and need."
What about coronavirus vaccine delivery money?
More than [ 116 million vaccine doses] have so far been distributed in the US -- and more than 90 million administered -- with the country on track to meet the administration's goal of [ 100 million jabs] during the first 100 days of his administration (April 30 marks his 100th day in office). [/news/biden-says-us-will-have-vaccines-for-every-american-adult-by-end-of-may/ Biden said] that by the end of May, the country will have enough supply to vaccinate every adult in the US. The goal then becomes having enough of the other supplies, as well as people, to administer the vaccine.
The president's plan would [ set aside $160 billion] for a [/health/when-will-you-get-the-covid-19-vaccine-what-to-know-about-the-delay-priority-order-now/ nationwide vaccine program] that would help state and local governments get the vaccine into people's arms.
Funding to help reopen schools during COVID-19
Getting students back in physical classrooms is a critical piece of the economic recovery. The bill would work to return students to schools by having a majority of kindergarten to eighth-grade classrooms safely reopen in the first 100 days of the administration.
Extra money for state, local and tribal governments
Since the fall, economists have pushed for Congress to provide funding for state and local public jobs. "The case for additional aid is strong because the downside risk of doing nothing is quite real," the [ American Enterprise Institute], a conservative think tank, said at the end of last year. "The fact that [ over 1 million state and local government workers] have lost their jobs is a sign that fiscal distress has had real consequences." In addition to state and local funding, the bill would provide funds for food and water assistance and food stamps.
Eviction ban already extended through September
The new proposal would extend the eviction and foreclosure moratoriums until Sept. 30. The plan would provide $30 billion in rental assistance for renters and small landlords, especially for low- and moderate-income households. On Jan. 20, Biden signed an executive order [ extending the eviction ban through this month], which means it may not be part of the final new stimulus bill at all.
For more information about stimulus money, here are the [ top facts you need to know about stimulus checks], how to [/news/1400-stimulus-check-formula-determines-your-total-payment-heres-what-that-means/ calculate the size of your check] and how your [/personal-finance/dependents-and-stimulus-checks-money-tax-breaks-whos-eligible-more/ dependents could figure into your payment].
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