Stimulus checks: why not get paid again for weeks – if not

Stimulus checks: why not get paid again for weeks – if not

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The upcoming second indictment on former President Donald Trump will push back any congressional action, and lawmakers will be on recess, according to President’s Day, meaning progress on an agreement can only take place later this month.
It takes at least a few days to have the first payments processed after any legislation is signed, and it took months to deliver payments to all who are eligible. Treasury is still trying to reach people who should have paid in the first round last year.
President Joe Biden is urging lawmakers to include money for additional direct payments in a comprehensive bill on Covid. While the Senate passed an important procedural step early Friday that will enable Democrats to pass the legislation without the threat of a Republican filibuster, lawmakers will only begin drafting the bill now.

A final vote could possibly take place in late February after the indictment is completed in the Senate. Legislators hope to pass the legislation by March 14.

If and when the bill passes – and if it includes new stimulus payments – the Internal Revenue Service can quickly start sending the money to people whose bank details are kept.

When the $ 600 payments were approved at the end of December, it took the agency just two days after Trump signed the bill to start delivering the money. But the new restrictions that legislators are considering could potentially slow down the process.

How much will the payments amount to?

Biden has asked Congress to send an additional $ 1,400 to Americans who are already receiving $ 600 under the package approved by Congress in December, bringing the total to $ 2,000.

But a group of ten Republicans, who sent their own proposal to Biden earlier this week, demanded $ 1,000 payments. Biden said he would like to support the bill, but made it clear in a call with the House Democrats on Wednesday that the top line is non-negotiable.

Who is eligible?

Biden suggested that the income thresholds remain the same as earlier stimulus payments – but indicated that he was prepared to lower them.

Previously, individuals earning less than $ 75,000 and couples earning less than $ 150,000 received the full amount. The $ 600 payments are being phased out gradually, cutting money for single custodians without children earning more than $ 87,000 and married couples without children earning more than $ 174,000.

Households with children were eligible for more money. A couple with two children earning a little over $ 250,000 a year would still receive a partial payment, according to the Tax Foundation.

The Republican proposal will offer full payment to individuals earning less than $ 40,000 a year and couples earning less than $ 80,000 – and the payments will phase out more quickly, earning individuals earning more than $ 50,000 and couples earning more than $ 100,000 earn.

About 29 million fewer households would receive money under the Republican plan, according to analysts at The Penn Wharton Budget Model, who warned that the figures are preliminary as there is no formal legislation available yet.

About 95% of the families would qualify according to Biden’s proposal, compared to 78% according to the IDP plan.

A non-binding Senate vote Thursday on an amendment to increase fitness for stimulus received widespread support, which passed 99 to 1, and only GOP president Rand Paul of Kentucky voted against it. . The amendment did not specify who is not eligible for the payments, except to say that taxpayers of the higher income are not eligible, and this does not mean that the requirements for allocation in the final account will be changed. But it does show dual support to make a change.

CNN’s Lauren Fox, Phil Mattingly, Ted Barrett and Paul LeBlanc contributed to this report.

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