The Third Stimulus Check: Latest Update and When to Expect

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The Third Stimulus Check: Latest Update and When to Expect.

This page contains the latest update and information on The Third Stimulus Check-Everything we know about the third round of stimulus checks for $1,400 will be provided here. It will also provide a little information on the previous Stimulus Checks-that is The First and second Stimulus Check. President Joe Biden’s $1.9 trillion coronavirus relief plan proposes a new round of stimulus checks that will give $1,400 to most Americans.

The Third Stimulus Check

What is a Stimulus Check?

First of all, let us get to actually know what a stimulus check is. According to the definition on the website Investopedia, A stimulus check is a check sent to a taxpayer by the U.S. government. Stimulus checks are intended to stimulate the economy by providing consumers with some spending money. When taxpayers spend this money, it boosts consumption and drives revenues at retailers and manufacturers and thus spurs the economy.

This article will answer some of your questions such as;

  • Has the Third Stimulus Check been approved?
  • Who Qualifies for the Third Stimulus Check?
  • How much will I collect in the Third Stimulus CHeck?
  • What is the Timeline for the Third Stimulus Check?
  • Third STimulus Check Calculator- How can I use it?
  • How will I Received the Third Stimulus Check?
  • What Should do with the Third Stimulus Check?
  • What else is included in the Third Stimulus Check?

These are the most frequently asked questions (FAQs) regarding the Third Stimulus Check? And this article has been created in such a way that all these questions will be well attended to meet your satisfaction.

Now let us focus on providing reliable answers to the questions above.

Has the Third Stimulus Check been Approved?

At the time of filing this article, the Third Stimulus Check is yet to be approved. We encourage you to subscribe to our email list to stay updated. Once the check has been approved and released, our team at Studydriller will ensure that you are the first to be updated regarding this information.

As of this date (January 28, 2020), the latest update for the Third Stimulus Check is that President Joe Biden has endorsed the disbursement of the Check as contained in this statement he made: “We will finish the job of getting a total of $2,000 in cash relief to people who need it the most,” said Biden while unveiling his $1.9 trillion relief plan last week. “The $600 already appropriated is simply not enough.”

Who Qualifies for the Third Stimulus Check?

Who qualifies for the Third Stimulus Check. What are the requirements that make you eligible for the Check? In explaining a difficult situation, context and history are often used to explain the future. So right now, we cannot say whether the next stimulus check will have changes in eligibility come along with it or it will still retain the eligibility for the two previous stimulus checks. For the First and second stimulus checks which were $1,200 and $600 respectively, single taxpayers earning up to $75,000 a year and couples earning up to $150,000 a year (based on 2019 tax returns) were eligible for the full amount. Parents also received stimulus payments for each dependent child under age 17. So if you were eligible for the First and Second Stimulus Check, You will also be eligible for the Third Stimulus Check.

How much will I collect in the Third Stimulus Check?

So just Exactly how much will you be entitled to the Next Stimulus Check? As Stated earlier, In the first two stimulus bills, people who earned $75,000 or less per year according to their most recent tax returns qualified for the entire stimulus check. Joint filers who earned up to $150,000 per year were also eligible for the entire amount.

President Joe Biden has proposed $1,400 per person for the Third Stimulus Check, I.e 2,800 for couples. This will be top up on the $600 received from the Second Stimulus Check, Making A total of $2000 per head.

What is the Timeline for the Third Stimulus Check?

The duration of the timeline for the Third Stimulus Check Should be well known. The timeline of the third stimulus check will begin to take shape once legislation for Joe Biden’s proposed relief plan is introduced in the House of Representatives. Do not expect money to start hitting your accounts directly like the previous check last year December where eligible citizens were directly credited few days after President Trump signed the bill. For the Third Stimulus Check, expect a lot of debate at Capitol Hill as the senate will not love to spend recklessly $1.9 trillion in addition to the $900billion that was spent for the Second Stimulus Check Last Year.

The Stimulus Check Calculator- How can I use it?

What is The  Stimulus Check Calculator? The Calculator is used to calculate how much you are eligible to get. According to Tomsguide, Forbes made a stimulus check calculator that can help you figure out your third stimulus check amount.

How it works: Go to https://www.forbes.com/advisor/personal-finance/third-stimulus-check-calculator/. Complete the short questionnaire. Enter how you filed your taxes (single/joint), how many children you have, and your adjusted gross income (AGI) for 2019.

How will I Received the Third Stimulus Check?

The Previous Stimulus Checks were received via direct bank deposits into the personal accounts of eligible citizens. Payments were automatic for anyone who filed a 2019 tax return and/or receives Social Security benefits. If you don’t have direct deposit with the IRS, your payment would come as a check or debit card in the mail.

What Should do with the Stimulus Check?

So when you receive your stimulus Check, what should you do with it? Are you going on a reckless shopping spree? You could pay off debts or build a new business. If you’re out of work or missing a paycheck, use this stimulus money to protect your Four Walls:

  • Food
  • Utilities
  • Shelter
  • Transportation

For More Guide on how to spend your Stimulus Check, you can consult this guide for Tomsguide.com

What else is included in This Stimulus Check?

ANd What else is In included in the Stimulus Check? From information, we gathered on Daveramsey blog, here is a quick rundown of every other thing included in this bonus.

  • Increase the Child Tax Credit from $2,000 for dependents under the age of 17 to $3,000 for children ages 6–17 and $3,600 for children under age 6.
  • Increase the Earned Income Tax Credit from a max of $530 to nearly $1,500. It would also raise the income limit from $16,000 to around $21,000 and allow workers over age 65 to claim the credit.
  • Increase the Child and Dependent Care Tax Credit from a max of 35% of qualifying childcare expenses (up to $3,000 for one child and $6,000 for two or more children) to a max of 50% of qualifying expenses (up to $4,000 for one child and $8,000 for two or more).
  • Increase weekly unemployment benefit payments under the Federal Pandemic Unemployment Compensation program from $300 to $400 and extend benefits under the Pandemic Emergency Unemployment Compensation program through September.
  • Extend the payment relief for federally guaranteed mortgages as well as the moratorium on evictions and foreclosures until September.
  • Provide $30 billion in support for renters and landlords.

Conclusion-Why You need the $2000 Stimulus Check?

DO you really need this  Stimulus Check after the Second one? Well in my own opinion, you actually need it because there are a lot of things it can do for you. If you are still holding onto your job now, you never can tell the future, not that i am a doomsayer, but prevention they say is better than cure. So help yourself.

Reference:

See also:

Federal Government MSME Survival Fund Grant 2021

If you need us to help you with more updated information at the right time about Stimulus Check kindly provide us your phone number and email address in the comment box below. Alsofeel free to ask any question at any time.

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