Third Stimulus Check FAQs
We know readers have various questions regarding the latest round of stimulus checks being sent by Congress. Previously, we wrote a detailed post about the third round of stimulus and release date. We decided to set up this third Stimulus Check FAQs page to address the most common questions we get.
First, we will provide an update on where the stimulus negotiations stand and the timeline.
Next, we will go over the most frequently asked questions about what is included in the package, how much each person will get, and how soon the check will go out.
More questions will be added to this Third Stimulus Check FAQs as and when we hear more.
Stimulus Check Negotiations Update
Since extended federal unemployment benefits expire on March 14th, it is expected that Congress will pass the third stimulus package before that date.
Here’s what you can expect next:
1. House Budget Committee
The House Budget Committee is pulling working on the final language for the bill.
It will then present one large piece of legislation before Congress.
2. The House of Representatives takes up the bill
The House could consider the bill next.
Unlike the passage of the CARES Act, during which Democrats in the House had a wider majority, House Speaker Nancy Pelosi only has a five-vote margin this time.
However, it is expected that Republicans could vote for the package.
The full House will vote on the measure as early as the week of Feb. 22.
3. The Senate Will then Vote on the Package
Once the House votes, the bill will go to the Senate.
There are 50 Republicans and 50 Democrats in the Senate, and the bill could be passed with Vice President Kamala Harris on tap to put Democrats over the top if any tie-breakers are needed.
4. The bill must be signed into law
Once the bill is passed by the House and the Senate, it will be delivered to President Joe Biden to sign the bill into law.
How soon could everyone get their stimulus checks?
It took fewer than three weeks from the date the second stimulus bill passed in December for the IRS and Treasury Department to send about 147 million payments.
It is expected that the third round of stimulus checks will follow the same timeline.
When is the Timeline for when Third Stimulus Checks will be sent?
The Biden White House is hopeful that the legislation will be completed before mid-March.
Once the legislation is signed, payments should start going out in a matter of days.
Using the experience from the last round of $600 stimulus payments, the $1,400 checks could go out within three weeks via direct deposit.
However, mailed checks and prepaid debit cards take slightly longer.
According to CNET, here’s the possible timeline we can expect for the third round of stimulus checks based on what is happening in Congress.
Timeline for Third Round of Stimulus Checks
|Stimulus check passes Congress||Friday, March 12||Monday, March 22|
|Stimulus bill signed into law||Sunday, March 14||Tuesday, March 23|
|First direct deposit check sent||Week of March 22||Week of March 29|
|First paper checks sent||Week of March 29||Week of April 5|
|First EIP cards sent||Week of April 5||Week of April 12|
|Claims for missing stimulus money open||May 3||May 3|
Third Stimulus Check FAQs
Here are the most frequently asked third stimulus check questions.
Also, see our Second Stimulus Checks Questions and Answers.
Who Could Qualify for the Third Stimulus Check?
For the first two stimulus checks, the income limit to receive the full amount was up to $75,000 for individuals and $150,000 for married couples.
Also, in the first round, individuals who made $99,000 and married couples who made $198,000 did not get a check.
Furthermore, in the second round, the phaseout was slightly lower — $87,000 for individuals and $174,000 per married couple.
However, for the third round of stimulus, here are the proposed income limits and phaseouts put forward by House Democrats:
- Individuals phase out at adjusted gross income between $75,000 and $100,000.
- Heads of households phase out at adjusted gross income between $112,500 and 150,000.
- Couples phase out at adjusted gross income between $150,000 and $200,000.
The chart below, by SmartAsset, provides a visual of the plan by House Democrats, including the payment amount based on AGI:
Note that AGI stands for Adjusted Gross Income.
The $1,400 Stimulus Checks Income Limits and Cutoffs Proposed by House Democrats
|Single AGI||Payment||Joint AGI||Payment|
$100,000 and up
|$0||$200,000 and up||$0|
Will third stimulus check be based on 2019 or 2020 taxes?
Under the current plan by House Democrats, here’s what you need to know:
If the third stimulus payment amount you receive based on your 2019 taxes is less than what you will get with your 2020 taxes, you can claim the difference on your 2021 tax returns.
However, The IRS is now accepting 2020 tax returns so you can file now if you think your 2020 return will lead to a larger stimulus check.
What other low-income relief is in the Stimulus Package?
The third stimulus bill also includes the following proposed relief initiatives:
Extra Food Stamps Benefits
This increase will last through September rather than expiring at the end of June, which is what the deadline is currently.
Furthermore, the WIC program would also receive another $880 million and allow for the continuation of the Pandemic-EBT programs on a state-by-state basis.
Expanded federal unemployment benefits
As you may be aware, the December 2020 stimulus bill provided an extra $300 per week for out-of-work Americans.
The third stimulus package would help make up for the loss by expanding and increasing the weekly federal unemployment boost to $400 per week through Aug. 29, 2021.
Another important part of the proposed bill by House Democrats is the addition of $19.1 billion to state and local governments for housing assistance.
This money would help cover late rent payments, rental assistance programs, utilities, and other housing assistance to unemployed, at-risk, or low-income households.
Furthermore, another $10 billion would go to states and tribes for mortgage payment assistance.
Lastly, there is a provision to provide $11 billion to help fund rental assistance and other support services for the homeless.
Child Tax Credits
The House bill also includes the expansion of the Child Tax Credit to $3,600 for children under age six and $3,000 for children under age 18.
According to the bill, the Child Tax Credit would be sent out monthly rather than claimed in one lump sum on taxes.
The goal is to help parents with an ongoing source of extra income to help with the financial burden of raising kids in low-income families.
Raising the minimum wage
Finally, the bill by House Democrats is proposing an increase in the federal minimum wage. The plan calls for an increase to $15 per hour.
However, this will not take effect fully until 2025.
Third Stimulus Check FAQs Summary
Here’s the bottom line:
Under the proposal by Democrats, here’s the income limit to get a full check:
- Individuals with adjusted gross incomes up to $75,000.
- Heads of households with adjusted gross incomes up to $112,500
- Finally, couples making $150,000 would get a $2,800 payment.
The Biden administration is hoping Congress will finish the legislation before mid-march, and checks could go out within days after that.
We hope this post on the third stimulus check FAQs was helpful.
If you have further questions about Social Security or Disability benefits, please let us know in the comments section below.
Be sure to check out our other articles on Social Security and Direct Express, including
Third Stimulus Check Release Date
Second Stimulus Check for $600 Update
Questions about Second Stimulus Check
Social Security Stimulus Check Update
Direct Express Stimulus Check
Replacement Social Security card online