Stimulus Check 101: The Most Important Things You Need to Know
The House of Representatives is expected to get back to working on considering POTUS Joe Biden’s COVID-19 relief package worth $1.9 billion soon. The new COVID-relief package proposes a third stimulus check of up to $1,400. If you haven’t received your first or second stimulus check, the IRS will begin processing federal tax returns from February 12, 2021, allowing you to claim your missing money as a tax credit. Below are some developments around stimulus checks:
February will be all about stimulus checks
February will be busy for Congress as it promised to begin work on the next round of COVID-19 economic and vaccine assistance. House Speaker Nancy Pelosi had promised to use the last week of January to make preparations for Biden’s proposal of a $1.9-trillion package to go on the floor.
Ten moderate Republican senators are likely to meet with Biden to present their COVID-19 relief proposal. Their COVID-19 plan reduces the amount for the third stimulus check to $1,000.
A third stimulus check may be on its way pretty soon
The time it took for the CARES Act to come into effect and the December stimulus bill to be passed was exactly nine months. President Biden was quite optimistic about Congress passing a third COVID-19 relief package that would pay up to $1,400. Biden and his fellow Democrats want the third round of funds to be injected at the earliest possible.
Nancy Pelosi had said that a bill could be ready for a vote in the House by February 1. However, if Biden decides to discuss with moderate Senators their plan for a third $1,000-stimulus check and funding for COVID-19 vaccine distribution, the timeline could get extended by a few weeks.
Please note that if you got a mail from the IRS stating that the payment for your first or second stimulus check was issued, but you didn’t receive the money, you may have to set up a payment trace.