Third Round Of Stimulus Checks Out Soon, Million Of Americans Affected

Washington lawmakers are expected to finalize the $1,400 stimulus checks soon once the new coronavirus relief bill is officially approved. However, the third round of stimulus checks could see roughly 12 million adults who may not even receive it.

The Democrats proposed to lower the income cap which US President Joe Biden has agreed to. This means that individuals earning more than $80,000 annually would not get the $1,400 coronavirus relief payments.

However, those earning up to $75,000 per year will still be able to get the full amount thanks to a proposal from some Democratic senators. From there, the payments will shrink to those earning between $75,000 to $80,000 per annum.

With these on the table, about 200 million adults may not receive the stimulus checks with the new Senate plan. This means that about 11.8 million would not be getting the stimulus checks, fewer than than the $1.9 trillion COVID-19 relief bill that was passed last week. Also, these changes would affect about 4.6 million fewer children benefitting from the relief payments.

Overall, however, the impending iterations are not expected to affect the vast majority of Americans according to Steve Wamhoff, the group’s director of federal tax policy.

“Among the bottom 60 percent of Americans, those who most need help, both versions of the proposal would benefit 100 percent of adults and children,” Wamhoff explained.

86% of adults and 85% of children stand to benefit from a financial boost under the new Senate proposal. This is notably lower compared to the 91% adults and 90% children that were approved by the House. Ironically, the House would have to approve the bill first before it is sent over to Biden.

Once that is covered, feds can start sending out the stimulus checks after Biden signs the bill. People who have already submitted their banking information to the Internal Revenue Service will likely get the money fastest thru direct deposit. For those waiting for a paper check, they may have to wait to get theirs.