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Economic impact payment check from the US

Source: Douglas Sacha / Getty

Congress has officially passed the American Rescue Act, putting Americans who qualify one step closer to receiving a third round of stimulus checks. The House passed the bill 220 to 211 on Wednesday (March 10) with one lone Democrat siding with the Republicans in not wanting the Bill passed. It now goes to President Biden’s desk where he’s expected to sign the bill into law Friday (March 12).

The bill is considered to be the largest relief plan in American history with $1.9 trillion to be divided between COVID-19 relief, stimulus checks as well as aid for front-line workers, schools and more. The bill is similar to what President Biden laid out in January but lawmakers narrowed down who was eligible for stimulus payments, lowered the federal boost for unemployment payments and nixed an idea which would have gradually raised the national minimum wage to $15 per hour.

As of March 10th, Americans are a step closer to receiving a third stimulus check due to the economic state. But who qualifies for a third stimulus check?

If you qualified for the last stimulus payment, it is not guaranteed that you will receive this round of stimulus payments.  This time Americans that qualify will receive $1,400 but some could receive less.  Here is a breakdown of the criteria for the third stimulus payment to Americans.

  • Anyone with an adjusted gross income of $75,000 or less qualifies to receive the full $1,400.  Joint filers with an adjusted gross income of $150,000 or less for joint filers will qualify to receive the full $2,800
  • Anyone with an adjusted gross income-earning up to $80,000 or joint filers earning up to $160,000 will qualify but for a reduced stimulus amount.
  • Parents will qualify for an increased Child Tax Credit worth up to $3,000 per child.  Parents with a child under the age of 6 will receive a tax credit of $3,600 for 2021.

It is expected that payments will start being deposited into bank accounts in the next couple of weeks.

$300 billion of the relief plan is geared towards states, local governments, territories and tribes.  $195.3 billion will go to states as well as the District of Columbia, while counties and cities will split about $130 billion in aid. Tribes will get $20 billion and territories $4.5 billion under both bills. $125 billion of the bill is set to go to public K-12 classrooms to help students return to class in-person safely.

Per CNN, the bill would allow schools to “update their ventilation systems, reduce class sizes to help implement social distancing, buy personal protective equipment and hire support staff. ”

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