Following a marathon "vote-a-rama" session, the U.S. Senate finally passed the third coronavirus stimulus bill on Saturday (March 6) morning. The latest bill will provide most Americans, including children a $1,400 payment. The Senate agreed to change the eligibility requirements that lowers the maximum income to receive benefits to $80,000 for individuals and $160,000 for couples.
The bill also extends the federal unemployment assistance program until September, though as part of a last-minute deal, the benefit will be reduced from $400 per week to $300 per week.
The $1.9 trillion relief bill will also provide $350 billion to states and local governments, $170 billion to schools and colleges, $50 billion in housing aid, $14 billion for vaccines, $47.8 billion for coronavirus testing, $15 billion to the Emergency Injury Disaster Loan program, $25 billion for a new grant program to help bars and restaurants, $7.7 billion to hire 100,000 public health workers, $50 billion to the Federal Emergency Management Agency, $8.5 billion for rural hospitals, and an additional $7 billion in funding for the Paycheck Protection Program.
The bill is now heading back to the House of Representatives, where a vote is scheduled for Tuesday (March 9). The bill is expected to pass on a party-line vote. It will then be sent to President Joe Biden, who is expected to quickly sign it into law.
Once he signs the bill, the $1,400 stimulus checks could start going out within a few days. Those who have their bank accounts on file with the IRS should expect to have the money directly deposited into their accounts. Those who do not have their information on file with the IRS will have to wait a few weeks or months for the agency to mail out paper checks or prepaid debit cards.
While the current stimulus checks are waiting to go out, a group of lawmakers is already working on plans to send out another round of stimulus checks.
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