Your third stimulus check – for as much as $ 1,400 – was just proved by the U.S. House when Speaker Nancy Pelosi and the other Democrats in control of Congress rush to meet a deadline for President Joe Biden’s $ 1.9 trillion COVID relief bill.
The president says there is “no time to waste.”
If things go as planned, you can make more money pay off debt, take care of bills, build your emergency savings, invest or just splurge within a few weeks.
But there are still a few potential roadblocks. Here’s an update, including the latest estimate of how quickly you can expect your next stimulus check.
The new stimulus controls pass larger tests
The COVID rescue bill – which includes not only stimulus control but also more funding for vaccines, $ 400 a week in additional benefits for unemployed Americans and a controversial increase in the federal minimum wage to $ 15 an hour – passed the house early on Saturday.
Democrats are trying to finalize a bill for Biden to sign before the current federal unemployment benefit of $ 300 a week expires March 14.
“Now the bill moves to the U.S. Senate, where I hope it will receive prompt action. We have no time to waste,” the president said Saturday in the White House. “If we act now, decisively, quickly and boldly, we can finally get ahead of this virus. We can finally get our economy moving again.”
The stimulation controls are expected to help meet the significant needs of many people struggling through the pandemic, as was the case with the two previous rounds. The first $ 1,200 payments, distributed last spring, were mostly spent on household expenses such as groceries and rent, the U.S. Bureau of Labor Statistics said.
With these needs met, others spent some of the cash to save and investment, an agency survey found or for other expenses that may have included purchase of affordable life insurance – the demand for these policies has seen an increase in the midst of COVID.
How fast do you get your money?
Senate Democratic leaders aim to save time by not submitting the bill to various committees – and sending it directly for a vote in the full Senate. But there is a risk that some parts of the legislation could ruin things.
The bill may not draw any support from Senate Republicans who say it is too expensive. In Parliament, all Republicans voted no. Democrats keep the Senate under the thinnest majority and can carry out audits to keep all their troops in line – because some members of the party have problems.
Arizona Senator Kyrsten Sinema and fellow Democrat Senator Joe Manchin are opposed to the $ 15 minimum wage. Their objections may get tiring now because Senate lawmakers decided Thursday that the minimum wage provision should be deleted from the bill. But supporters are trying to bring it back.
Manchin, who is from West Virginia, has also questioned the income limits for stimulus control. The two previous payments phased out for people earning more than $ 75,000 a year, and the current plan is to keep round 3 the same. But Manchin has supported lowering the threshold.
If Democrats are able to stick together and make their deadline by March 14, and if Biden signs the bill right away, the IRS can start distributing stimulus control within a few days. Which means you could receive your payment as soon as possible second half of March.
What if you need money right away?
This means that the new relief is still at least several weeks away. If you can not wait and need more money right now, here are a few ways you can find a little extra cash:
Cut the cost of your debt. If your plastic has led you through the pandemic, you are probably setting up expensive interest rates. Make your debt more manageable – and shake it off faster – by folding your balances into a single one debt consolidation loans at lower interest rates.
Shrink your insurance bills. Car insurance companies have offered customers discounts as everyone has driven far less due to COVID. If your not willing to negotiate, why not shop around for a better deal? And while you’re at it, you can save hundreds by comparing prices to find one lower price of homeowners insurance.
Refinance your mortgage (if you have one) and cut your payments. If you have not looked for a lower interest rate on your home loan in the last year, there is no better time than now. Refinancing your existing mortgage could re large savings. An estimated 16.7 million U.S. homeowners could reduce their monthly home payments by on average $ 303 according to a review, according to mortgage and data provider Black Knight.
What if you do not get a stimulus check this time?
Again, Congress goes ahead with the same income limits for stimulus control as before – meaning that if you got a full payment last time, you get one again.
But if it looks like you’ll not receive the full $ 1,400 check – or get paid at all – there are a few things you can do:
Submit your 2020 tax AS. You may still qualify for a stimulus check if your income fell in 2020 due to the pandemic. You want to get this information in front of the tax office AS because it will base your eligibility on your most recent tax return. Log in to one good tax software product and send your 2020 return immediately.
Trim your budget and “make your own” stimulus control. By finding a few creative ways to cut back, you can squeeze $ 1,400 out of your current budget. Call your mobile phone provider and switch to a more budget-friendly package. Turn your hobby or special talent into a side stem to get extra income. And download one free browser extension that automatically searches for better prices and coupons when you shop online.