Biden Signs $1.9 Trillion Stimulus Into Law, Americans to Receive Individual $1,400 Payments as Soon as This Weekend
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On Thursday, President Joe Biden signed into law one of his top priorities: The American Rescue Plan Covid-relief bill. The $1.9 trillion package sends direct payments of up to $1,400 to eligible individuals, expands the child tax credit for a year and extends a $300-per-week unemployment insurance boot to September 6. The bill will also put nearly $20 billion into vaccination efforts and $350 billion into state, local and tribal relief, among other allocations.
Democrats passed the bill through the House of Representatives and Senate without a single Republican vote using the budget reconciliation process. The House approved the bill on Wednesday before sending it to the president's desk.
Entrepreneur staff writer Justin Chan broke down how this round of stimulus differs from the previous two, including:
- The individual base amount ($1,400) is slightly more than the first round ($1,200) and significantly more than the second ($600).
- Households now receive payouts for older dependents and students between the ages of 16 and 23.
- Qualifying parents will now receive the full $1,400 for young children.
- The IRS will check your eligibility for the checks based on your most recent income tax return.
- Mixed-status families will now qualify for stimulus checks.
White House Press Secretary Jen Psaki said Thursday that Americans can expect to receive their stimulus money by as early as this weekend. To learn more about the stimulus bill and when it might arrive in your bank account, you can read this piece by Kenny Herzog.