When will we see the next round of stimulus checks?
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Over the weekend, the Senate passed President Joe Biden’s $1.9 trillion relief package, and now it’s headed back to the House for a vote Tuesday.
It includes funding for vaccine distribution, small businesses and schools.
For individuals, the first thing people probably think about is stimulus checks. There will be another round of those. They’ll be $1,400, but if you got one last time that doesn’t mean you’ll get one this time. Now there’s a hard cutoff for single people making more than $80,000, or married couples who make over $160,000.
And if the bill passes, you’ll probably start seeing the payments show up in bank accounts within a couple weeks. That’s for direct deposit. Paper checks take a little longer.
The bill also extends additional unemployment benefits of $300 a month through early September.
It includes some changes to tax law as well. It raises the child tax credit from $2,000 to as much as $3,600 per child, depending on age and family income. And it expands the earned income tax credit, too.
COVID-19 Economy FAQs
Can businesses deny you entry if you don’t have a vaccine passport?
As more Americans get vaccinated against COVID-19 and the economy begins reopening, some businesses are requiring proof of vaccination to enter their premises. The concept of a vaccine passport has raised ethical questions about data privacy and potential discrimination against the unvaccinated. However, legal experts say businesses have the right to deny entrance to those who can’t show proof.
Give me a snapshot of the labor market in the U.S.
U.S. job openings in February increased more than expected, according to the Labor Department. Also, the economy added over 900,000 jobs in March. For all of the good jobs news recently, there are still nearly 10 million people who are out of work, and more than 4 million of them have been unemployed for six months or longer. “So we still have a very long way to go until we get a full recovery,” said Elise Gould with the Economic Policy Institute. She said the industries that have the furthest to go are the ones you’d expect: “leisure and hospitality, accommodations, food services, restaurants” and the public sector, especially in education.
What do I need to know about tax season this year?
Glad you asked! We have a whole separate FAQ section on that. Some quick hits: The deadline has been extended from April 15 to May 17 for individuals. Also, millions of people received unemployment benefits in 2020 — up to $10,200 of which will now be tax-free for those with an adjusted gross income of less than $150,000. And, for those who filed before the American Rescue Plan passed, simply put, you do not need to file an amended return at the moment. Find answers to the rest of your questions here.
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