Your next stimulus check: New $1,400 payment moves into the fast lane

Your next stimulus check: New $1,400 payment moves into the fast lane

It’s been more than a month since the IRS began sending Americans their second COVID stimulus checks, for $600. So where’s the other $1,400 leaders talked about approving quickly — to turn that last direct payment into an even $2,000?

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The additional money has been held up by political maneuvering over President Joe Biden’s broader $1.9 trillion pandemic rescue package. But House Speaker Nancy Pelosi and the other Democrats who control Congress just took action toward putting the new cash on a fast track.

Here’s an update, including the latest estimate on when you’re likely to receive your third stimulus check.

“The COVID relief has to pass,” President Biden said on Friday. “No ifs, ands or buts.”

The White House has been reaching out to Republicans to get some bipartisan support for Biden’s plan. But if it doesn’t come, Pelosi and Senate Majority Leader Chuck Schumer introduced a budget measure on Monday that could allow Democrats to pass the $1,400 stimulus checks and other aid by themselves.

“With this budget resolution, the Democratic Congress is paving the way for the landmark Biden-Harris coronavirus package that will crush the virus and deliver real relief to families and communities in need,” Pelosi and Schumer say in a statement.

The government’s first, $1,200 stimulus checks — which were distributed to Americans last spring — were largely spent on essential needs, including groceries and rent, the U.S. Bureau of Labor Statistics has said.

The money also was used for investing, a bureau survey found, or was spent on other, unspecified things. Those may have included buying affordable life insurance — sales of policies have surged amid the pandemic.

When are you likely to get another stimulus check?

The House and Senate are expected to pass the budget bill this week, to help speed along the next stimulus checks. But an attempt by Democrats to go it alone on new pandemic relief will infuriate Republicans.

Biden met on Monday with 10 Republicans who are pushing a scaled-down package that would reduce the stimulus checks to $1,000, and limit them to “Americans with the greatest need”: individuals earning $50,000 or less and families making no more than $100,000. But the meeting didn’t result in any compromise.

Given the delicate nature of where things stand, and the fact that the Senate will be consumed by the impeachment trial for former President Donald Trump starting next week, Sen. Schumer now says Congress may not approve the new stimulus checks until mid-March.

“We’ll try to get that passed in the next month, month and a half,” the New York Democrat said early last week, according to multiple media outlets.

Under that timetable, you’re not likely to see another stimulus check until late March, and maybe not before April.

Source: Yahoo Finance

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