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Families are going to love this stimulus check news

February 22nd, 2021 at 2:10 PM
New stimulus check
  • The Democrat-controlled House of Representatives is poised this week to finally pass President Biden’s $1.9 trillion economic rescue plan, which includes funding to send most Americans a new stimulus check for $1,400.
  • However, many people’s stimulus checks will actually be for amounts much larger than $1,400.
  • That’s thanks to features of the stimulus bill including an increase in the amount paid for eligible dependents.

Democrats in the House of Representatives this week will reportedly push through President Biden’s $1.9 trillion economic stimulus plan on a party-line vote since the party has a majority there as well as in the Senate — putting Americans one step closer to receiving the new stimulus check provided for in this latest round of legislative aid in the wake of the ongoing coronavirus pandemic.

However, there’s an important recap worth mentioning at this point about the $1,400 stimulus checks. It has to do with that number, $1,400. That’s the baseline amount that most people will be getting with this third round of stimulus checks, though lawmakers are still working out the details related to eligibility. However, there will also be a not insignificant number of people who actually get stimulus checks for amounts much larger than $1,400.

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Low-income Americans, for example, will be among the biggest winners here.

This is what was found by an analysis from a left-leaning nonpartisan think tank called the Institute on Taxation and Economic Policy which looked at both the Biden plan as well as related proposals from the House Ways and Means Committee: Rather than simply providing the poorest Americans with $1,400 stimulus checks, Biden’s coronavirus-related stimulus proposal would actually give them almost $3,600 in total financial aid.

According to the institute, the 20% of Americans who make less than $21,300 a year would receive $3,590 from the Biden plan, on average. That’s thanks to a combination of the $1,400 stimulus checks as well as expansions of the Child Tax Credit and the Earned Income Tax Credit.

Then there’s the latest proposal from the White House, which would pay $1,400 for any dependent. Meaning, via this new round of stimulus payments, a family of four could receive $5,600 ($2,800 for the parents’ two $1,400 checks, plus an additional $2,800 for the two dependents).

All of that is good news, especially considering the awkward messaging the Biden administration is having to navigate about the $1,400 payments themselves.

On the campaign trail, remember, the talk was about how quickly $2,000 payments would go out the door upon Biden’s election. Democrats are trying to get there on the $2,000 payments by noting that the $1,400 payments this time, added to the second stimulus check approved by the Trump administration for $600, equals the full $2,000. Because of that, it will certainly help to be able to note that, in fact, many people’s stimulus check they’re waiting on will actually be much bigger than $1,400.

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Andy is a reporter in Memphis who also contributes to outlets like Fast Company and The Guardian. When he’s not writing about technology, he can be found hunched protectively over his burgeoning collection of vinyl, as well as nursing his Whovianism and bingeing on a variety of TV shows you probably don’t like.

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