$1400 Stimulus Check Update | March 11th 2021 [IT PASSED]
NEW 3rd Stimulus Checks and Stimulus Package update for today, Thursday, March 11 2021 (3/11/21) on the upcoming third 1400 stimulus check. BREAKING NEWS the new 1400 stimulus check and stimulus package has passed! We discuss stimulus eligibility changes, third stimulus check, President Biden, unemployment benefits, PPP funding, $15 minimum wage, student loan forgiveness, senate, house of representatives, and more!
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Previous Stimulus Update: • $1400 Stimulus Check Update | March 5th 2021
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"This is your $1400 stimulus check update and stimulus package update for Thursday, March 11th.
The House of Representatives just voted on and passed the newest stimulus bill, including the $1400 stimulus check. Now that it has passed in both chambers of Congress, President Biden's final step is to sign it, which he is planning to do on Friday. After that, stimulus checks and some of the other benefits will begin rolling out as soon as next week.
If you remember, the house of representatives passed their version of the stimulus bill two weeks ago, but then the senate came in and modified things in the bill, which is why the house had to vote on it again.
Adults and dependants, including college students, will receive the $1400 stimulus check. Here is clarification on who will be receiving the full amount. You must make less than $75,000 to receive the full $1400 as a single individual; then, it phases out until $80,000. If you make more than $80,000, you are disqualified from receiving a stimulus check as a single individual. As a head of household, you must make less than $112,500 to receive the full amount. Then, the phase-out period goes to $120,000. If you make more than $120,000, you are disqualified from receiving a check. Finally, if you make less than $150,000 as a joint filer, you will receive the full $1400 check, and then the phase-out will be between $150k and $160,000. If you make more than $160,000 as a joint filer, you will be receiving zero.
The $1400 stimulus checks could go out as soon as next week; Joe Biden does say his priority is to get this out as quickly as possible. Also, he will not be delaying the process by having to put his name on the checks.
The $15 minimum wage is no longer in the stimulus bill.
This bill will extend the unemployment benefits at $300 per week until September 6th, and the first $10,200 will be tax-free for those who received unemployment funding last year. The IRS is expected to roll out guidance on claiming your refund if you already filed your 2020 taxes.
The bill also provides an additional 7 billion in PPP funding, and the application period will also get extended for a few months. Gig workers are eligible for this so, make sure you take advantage of this opportunity if your small business has been affected.
No student loan forgiveness in the bill- however, the forgiveness of student loan debt, if it happens in the future, will be tax-free between now and 2025. Student loan forgiveness will not be a taxable event; this implies that maybe congress will be considering passing a bill for student loan forgiveness soon.
The child tax credits will start getting distributed on July 1st. We expect there to be a portal developed soon to go ahead and accurately update your childcare situation. You want to make sure this is accurate so that you don't have to pay back the child care tax credits you don't qualify for.
Other recent changes to the bill include state and local government funding and elimination of transportation improvements.
Once President Biden signs off the stimulus bill, then the stimulus package will go into effect.
There you have it; we have our third stimulus package passed, congratulations! Hopefully, you get this funding as soon as possible. We discuss personal finance, investing, financial news, and more, so make sure you subscribe to this channel. Thank you so much for watching these stimulus updates- I hope they've been helpful. If so, make sure to drop a like and enjoy the rest of your day. See you soon!"