(GNB- Washington DC): The House of Representative Wednesday passed President Biden’s $1.9 trillion coronavirus relief package. House is going to send the legislation to his desk for his signature.
The House and Senate both have passed the American Rescue Plan and President Biden looks forward to signing the legislation into law this week, The White House says. President Biden plans to sign it on Friday.
Funding for the American Rescue Plan will “get the country in a place to get back to normal,” Biden said in remarks on Saturday at the White House.
“This plan puts us on a path to beating the virus,” he said, following the Senate’s vote.
“This plan gives those families who are struggling the most the help and the breathing room they need to get through this moment.”
Biden also vowed to get the direct payments of up to $1,400 out the door starting “this month.”
The Treasury and IRS are working to ensure that we will be able to start getting payments out this month, The White House says in a statement.
Here’s an overview of what the American people need to know about the direct payments in the American Rescue Plan:
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.
Here’s an example of what direct payments passed in the American Rescue Plan mean for a typical family of four – with parents making $75,000 a year combined, and with kids in school aged 8 and 5:
Because of the President’s American Rescue Plan, that family of four 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.
That’s $8,200 more in the pockets of this family as they try to weather this storm – on top of additional money in this bill to reopen schools safely, get shots in arms faster, and help those who have lost their jobs through no fault of their own.
Source: The White House
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