We felt a great sense of relief hearing Biden announce a third stimulus bill when the Senate passed a $1.9 trillion COVID-19 relief bill with a majority Democratic vote. To our delight, the turnaround between passing the bill and seeing the money in our accounts should be very quick. Some news sources even claim within the month of May while some people reported receiving their checks last week.
Warning: it is possible that since it’s tax season, things could be delayed. Below is all the information we have thus far.
Who Gets The Stimmy?
If you make less than $75,000 a year, or are in a couple that collectively earns less than $150,000, you are eligible to receive the $1,400 stimulus paycheck.
When Will We Receive It?
Unfortunately, similar to other relief checks, we won’t all receive the funds at once. If your bank information is in the governments hands through the IRS, you are most likely first in line to receive the money, directly into your account.
The good news is, if you are currently receiving unemployment, you will continue to receive your $300 weekly federal boost through September 6. The Pandemic Unemployment Assistance program will still provide benefits to freelancers and independent contractors.
If you have children, the government was thinking about you too. Although it may take a couple weeks longer to receive benefits, you will get temporary enhancements to the child tax credit and federal premium subsides for Affordable Care Act plans. If you have children under 6 you’re entitled to $3,600 and $3,000 for children 6-17.
It’s good news for health insurance as well. Lower income applications could see very low premiums or completely eliminated premiums. If you currently have healthcare that you are barley able to afford, under the Affordable Care Act, you are able to exchange to see if you qualify for assistance or larger subsidies, from now until May 15. The options for savings are high.
So… what will you be spending your funds on?