Biden To Sign $1.9 Tln Covid Relief Bill Friday
President Joe Biden intends to sign the massive $1.9-trillion Covid-19 relief bill that was passed by both the houses of the US Congress on Friday.
The package, which represents Biden’s ambitious attempt to rebuild the US economy hit hard by the coronavirus, was approved by the House of Representatives by a 220-211 vote along partisan lines.
The Senate had already passed the Bill.
Biden said in a statement that he looks forward to signing the American Rescue Plan into law at the White House on Friday.
“Now we move forward with the resources needed to vaccinate the nation. To get $1,400 in direct payments to 85% of American households. To expand coverage and help with lowering health care premiums. To give small businesses what they need to stay open. To expand unemployment insurance, provide food and nutrition assistance. To help keep a roof over people’s heads. To cut child poverty in half,” he added.
The White House said the Treasury and IRS are working to ensure that they will be able to start getting payments out this month. And the IRS and Bureau of the Fiscal Service will increase the number of households that will get electronic payments, which are substantially faster than checks.
For households who have already filed their income tax return for 2020, the IRS will use that information to determine eligibility and size of payments.
For households that haven’t yet filed for 2020, the IRS will review records from 2019 to determine eligibility and size of payment. That includes those who used the “non-filer portal” for previous rounds of payments.
For tax returns with direct deposit or bank account information, the IRS will be able to send money electronically. For those households for which Treasury cannot determine a bank account, paper checks or debit cards will be sent.
As per the American Rescue Plan, a typical family of four – with parents making $75,000 a year combined, and with kids in school aged 8 and 5 – will soon be getting $5,600 in direct payments, $1,400 for each parent and child.
Because of the expanded Child Tax Credit, they will also get $2,600 more in tax credits than before.
The Stimulus package also envisages additional funds to reopen schools safely, to speed up vaccination, and help those who have lost their jobs through no fault of their own.
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