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.