Hey there, folks! Hope you’re doing great. As we head into the third month of the new year, there’s one question that’s been on everyone’s mind: Are we getting a third stimulus check? It’s a question that’s been floating around for some time now, and with the COVID-19 pandemic still very much an ongoing issue, it’s one that many people are understandably curious about.
If you remember, the first stimulus check was issued last year when the pandemic first hit and wreaked havoc on the economy. The aim was to help people get through the worst of it, and many have been eagerly waiting for a second round ever since. But now, with the potential of a third check on the horizon, there’s been a lot of speculation about whether it will happen or not, and what it could mean for those who receive it.
It’s no secret that COVID-19 has had far-reaching implications, both on a personal and a global level. But with vaccines now being rolled out and cases slowly declining, there’s hope that the worst is behind us. That being said, the economic impact of the pandemic is still being felt, and as such, the question on everybody’s lips remains – are we getting a third stimulus check, and if so, when will it arrive? Only time will tell, but for now, it’s certainly something to keep an eye on!
Eligibility Criteria for the Third Stimulus Check
The third stimulus check has been a much-anticipated relief measure for Americans who suffered the brunt of the COVID-19 pandemic. With the economy in shambles, many are looking forward to the much-needed assistance from the government. However, not everyone is eligible for the third stimulus check. Here are the criteria to know if you are eligible for the third stimulus payment.
- Income threshold – The most important criterion for eligibility is based on your income. The third stimulus check is designed to provide assistance to those who need it the most. Hence, individuals earning up to $75,000 and married couples with a combined income of $150,000 or less are eligible to receive the full stimulus check. However, if your earnings exceed this threshold, the stimulus amount will start to phase out gradually, and you will not receive the payment if your income is above $80,000 for individuals and $160,000 for married couples.
- Tax filing status – To receive the third stimulus check payment, you need to have a valid social security number and must have filed taxes for either 2019 or 2020. Additionally, if you are claimed as a dependent of someone else, you will not be eligible for the payment.
- Citizenship and residency – Only U.S citizens, permanent residents, and qualifying resident aliens are eligible to receive the third stimulus check. You must also be living in the United States to qualify for the payment.
If you meet the criteria above, you will be eligible to receive the third stimulus check. The payment will be made either by direct deposit, paper check, or EIP card (debit card), depending on the information that the IRS has on file.
Timeline for the third stimulus check
The COVID-19 pandemic has caused a great deal of economic distress for millions of Americans, and the government has been trying to provide relief in the form of stimulus payment since the beginning of the pandemic. After the first stimulus check was distributed last year and the second one in December, many people are wondering when the third round of stimulus payments will arrive.
The American Rescue Plan was signed into law by President Joe Biden on March 11, 2021, which includes a provision for a third stimulus check of up to $1,400 for eligible individuals and dependents. Here is a timeline of the current status of the third stimulus check:
- March 11: President Biden signed the American Rescue Plan into law
- March 12: The IRS launched the “Get My Payment” tool for individuals to check the status of their stimulus payment
- March 14: The House passed the Senate version of the bill, which includes the third stimulus check provision
Now that the bill has been passed, the IRS is working to start distributing the third round of stimulus payments as quickly as possible. Eligible individuals can expect to receive the payment as a direct deposit or a check in the mail, depending on the information the IRS has on file.
The amount of the third stimulus check will depend on various factors such as income, dependents, and filing status, as with the previous stimulus payments. The following table shows the payment amounts for eligible individuals based on income:
| Filing Status | Adjusted Gross Income (AGI) | Full Payment |
|---|---|---|
| Single | Up to $75,000 | $1,400 |
| Head of Household | Up to $112,500 | $1,400 |
| Married Filing Jointly | Up to $150,000 | $2,800 |
Overall, the timeline for the third stimulus check is moving rapidly, with the IRS and the government working quickly to provide much-needed relief for Americans during these trying times. Eligible individuals should keep an eye out for their payment status on the “Get My Payment” tool and expect to receive the payment soon.
Amount of Money Approved for the Third Stimulus Check
On March 11th, 2021, President Biden signed the American Rescue Plan Act into law. This legislation provided a third round of direct stimulus payments to eligible Americans. The total amount of money approved for the third stimulus check is $1.9 trillion, with $410 billion allocated specifically for stimulus payments.
- Individuals with adjusted gross incomes (AGI) up to $75,000 will receive the full stimulus payment of $1,400.
- Married couples filing joint tax returns with AGI up to $150,000 will also receive the full payment of $2,800.
- Parents will receive an additional $1,400 per qualifying dependent.
However, not everyone will be eligible for the third stimulus check. Individuals with AGI above $80,000 and married couples filing joint tax returns with AGI above $160,000 will not receive a payment. The amount of the stimulus payment will also decrease for those with incomes between $75,000 and $80,000 for individuals and $150,000 and $160,000 for married couples.
The third round of stimulus payments is expected to provide much-needed relief for millions of Americans who have been adversely affected by the COVID-19 pandemic. The table below provides a breakdown of the income thresholds and corresponding stimulus payment amounts:
| Income Threshold | Stimulus Payment Amount |
|---|---|
| $75,000 – $80,000 (individuals) | Gradually reduced |
| $150,000 – $160,000 (married filing jointly) | Gradually reduced |
| Above $80,000 (individuals) | No payment |
| Above $160,000 (married filing jointly) | No payment |
The IRS has already started issuing the third round of stimulus payments to eligible Americans and will continue to do so in the coming weeks. If you are eligible for a payment and have not received it yet, be sure to check the IRS’s “Get My Payment” tool for updates.
Pros and Cons of the Third Stimulus Check
The discussion of whether or not a third stimulus check will be issued has been a hot topic for months now. With Congress passing the American Rescue Plan Act of 2021, which provides for another round of stimulus payments, it is important to examine the pros and cons of this decision.
- Pros:
- Provides Financial Assistance: The biggest advantage of the third stimulus check is that it provides financial assistance to those who have been affected by the pandemic. The payments can help cover basic necessities and bills, providing relief to those who are struggling financially.
- Stimulates the Economy: The first two rounds of stimulus checks had a positive impact on the economy by increasing consumer spending. The third stimulus check is expected to have a similar effect, providing a boost to businesses and the economy as a whole.
- Targeted Relief: The third stimulus check is designed to provide targeted relief to those who need it the most. Eligibility for the payments is based on income, ensuring that those who are struggling financially receive the most assistance.
- Cons:
- Cost: The primary concern with the third stimulus check is the cost. The payments are estimated to cost around $1.9 trillion, adding to the country’s already significant debt.
- Inflation: The influx of money into the economy could lead to inflation, driving up the prices of goods and services. This could ultimately negate the positive effects of the stimulus checks.
- Dependency: Some critics argue that the stimulus checks create a dependence on government assistance, discouraging individuals from finding employment and self-sufficiency.
Overall, the decision to provide a third stimulus check has its advantages and disadvantages. While it will certainly provide assistance to those in need and stimulate the economy, the cost and potential long-term effects are cause for concern.
It remains to be seen how the third stimulus check will impact the economy and those who receive it. However, it is clear that the decision to provide financial assistance is necessary during these challenging times.
Impact of the third stimulus check on the economy
As the US economy continues to recover from the COVID-19 pandemic, the potential of a third stimulus check has become a hot topic of conversation. While some argue that a third check would provide much-needed relief to struggling households and boost consumer spending, others worry about the impact on the economy as a whole.
- Increasing consumer spending: A third stimulus check would likely stimulate consumer spending, which has been hampered by the pandemic. This increased spending could help boost small businesses and keep workers employed, ultimately contributing to the overall health of the economy.
- Reducing financial stress: The pandemic has caused widespread financial stress, with many households struggling to pay bills and make ends meet. A third stimulus check could help alleviate some of this stress, allowing families to catch up on bills or make necessary purchases without going further into debt or risking eviction.
- Stimulating job growth: A third stimulus check could also help stimulate job growth by increasing demand for goods and services. This increased demand could lead to businesses hiring more workers to keep up with demand, ultimately contributing to a stronger economy.
However, there are also concerns about the impact of a third stimulus check on the economy, including:
- Inflation: Some worry that increased consumer spending could lead to inflation, as more money flows into the economy and prices rise. However, others argue that temporary inflation may be a necessary step to jumpstart the economy and should be viewed as a positive rather than a negative.
- Budget deficits: Critics worry that a third stimulus check would add to the already-large budget deficit, potentially leading to long-term economic problems. However, others argue that the benefits of a stimulus check, such as increased consumer spending and job growth, outweigh the potential negatives.
- Uneven distribution of funds: While a third stimulus check could provide much-needed relief to many households, some worry that the funds may not be distributed equally or fairly, potentially leaving some in greater need without adequate support.
Overall, it is unclear whether a third stimulus check will be approved and if so, what impact it will have on the economy. While some argue that a stimulus check could provide much-needed relief and boost the economy, others worry about the potential for inflation, budget deficits, and unequal distribution of funds. Only time will tell what the future holds for the US economy and its recovery from the pandemic.
Similar programs implemented in other countries
Other countries have also implemented stimulus programs to help their citizens cope with the economic impact of the pandemic. Here are some examples:
- Canada: The Canadian government has implemented the Canada Emergency Response Benefit (CERB) which provides a monthly payment of $2000 CAD to those who have lost their income due to COVID-19.
- Australia: The Australian government has implemented the JobKeeper Payment which provides a flat rate of $1500 AUD per fortnight to eligible employees.
- United Kingdom: The United Kingdom government has implemented the Coronavirus Job Retention Scheme which provides employers with a grant to cover 80% of their employees’ salaries up to a certain amount.
It’s important to note that these programs vary in their design and eligibility requirements. Some, like the CERB, provide a flat payment to anyone who has lost their job, while others, like the Job Retention Scheme, require employers to apply for grant money in order to keep their employees on payroll.
Here’s a comparison table of some of the programs implemented in different countries:
| Country | Program Name | Payment Amount | Eligibility Requirements |
|---|---|---|---|
| Canada | CERB | $2000 CAD/month | Must have lost income due to COVID-19 |
| Australia | JobKeeper Payment | $1500 AUD/fortnight | Eligible employees must have been on employer’s payroll as of March 1, 2020 and be currently employed |
| United Kingdom | Coronavirus Job Retention Scheme | 80% of employee’s salary up to a certain amount | Employers must apply for grant money to cover employees’ salaries |
Overall, these programs highlight the importance of providing financial support to citizens during times of economic uncertainty. As the US government considers a third stimulus payment, it’s helpful to look to other countries’ experiences and programs to inform potential designs and eligibility requirements.
Availability of Financial Assistance Beyond the Third Stimulus Check
While the third stimulus check provides much-needed relief for many Americans facing financial hardship due to the COVID-19 pandemic, some may wonder what other options are available for financial assistance. Here are some of the programs and resources that may be worth exploring:
- Unemployment benefits: In addition to the $300 per week federal boost that was extended through early September 2021, some states also offer their own unemployment benefits that can provide further financial assistance to those who have lost their jobs.
- Housing assistance: Programs like the Emergency Rental Assistance Program (ERAP) and the Low-Income Home Energy Assistance Program (LIHEAP) can help with rent, utilities, and other housing-related expenses for those who qualify.
- Small business assistance: For entrepreneurs and business owners struggling to keep their companies afloat, resources like the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) may provide some relief.
It’s worth noting that eligibility requirements and availability of these programs vary depending on where you live and your individual circumstances. Additionally, some programs may not be funded for the long-term or may have limited funding available, so it’s important to research and apply for assistance as soon as possible if you believe you may be eligible.
Finally, it’s important to remember that while financial assistance can be helpful in the short term, building a strong financial foundation for the future is also key to long-term stability. Consider taking steps like setting a budget, paying down debt, and building an emergency fund to prepare for any future financial challenges you may face.
| Program Name | Program Description | Eligibility Requirements |
|---|---|---|
| Emergency Rental Assistance Program (ERAP) | Provides funds to eligible households to cover rent, utilities, and other housing-related costs | Must have experienced financial hardship due to COVID-19 and meet income and other eligibility requirements set by your state or local government |
| Low-Income Home Energy Assistance Program (LIHEAP) | Provides assistance with heating and cooling costs for eligible households, as well as weatherization services to make homes more energy-efficient | Must meet income and other eligibility requirements set by your state or local government |
| Paycheck Protection Program (PPP) | Provides forgivable loans to small businesses to help cover payroll and other expenses during the pandemic | Must meet certain eligibility requirements, including being a small business with 500 or fewer employees |
| Economic Injury Disaster Loans (EIDL) | Provides low-interest loans to small businesses and non-profits that have suffered economic hardship due to COVID-19 | Must meet certain eligibility requirements, including being a small business or non-profit located in a declared disaster area |
Exploring these and other financial assistance options can help you weather the storm of the pandemic and come out stronger on the other side. Remember, taking action sooner rather than later can help you access the resources you need and avoid additional financial hardship.
Are We Getting a 3rd Stimulus Check: FAQs
1. Are we really getting a 3rd stimulus check?
There is a possibility that a 3rd stimulus check could be issued, but it has not been confirmed yet. Congress is still discussing the details of another stimulus package.
2. How much could the 3rd stimulus check be?
This is still uncertain. The amount of the 3rd stimulus check has not been finalized. However, some sources speculate it could be between $600-$1,400 per person.
3. Will everyone be eligible for the 3rd stimulus check?
It has not been determined who will be eligible for the 3rd stimulus check. Congress is still discussing eligibility requirements. However, it is likely that the requirements will be similar to previous stimulus checks.
4. When will we know if we are getting a 3rd stimulus check?
Congress is expected to make a decision about the 3rd stimulus package in the coming weeks. Once a decision is made, the public will be notified through news outlets and official government channels.
5. How long will it take to receive the 3rd stimulus check if it is approved?
This is uncertain as it depends on how quickly the stimulus package is passed and processed. However, it could take several weeks to several months before the checks are issued.
6. Is the 3rd stimulus check guaranteed?
No, the 3rd stimulus check is not guaranteed. The government is still discussing the details of the stimulus package, and it could be subject to change or cancellation.
Wrapping Up
Thanks for reading this article about the possibility of a 3rd stimulus check. We understand that times are tough, and many people could use the financial assistance. However, we encourage you to stay patient and wait for an official announcement from the government before getting your hopes up. We will keep you updated on any developments regarding the 3rd stimulus check. Don’t forget to visit us again soon for more news and updates. Stay safe and take care!