In a statement posted on its website on Thursday, the IRS said it had distributed another 700,000 ‘plus-up’ payments, worth around $1.2bn overall, in the latest batch of third stimulus checks to be sent out as part of President Joe Biden’s $1.9tn coronavirus relief package, which was signed into law on 11 March. 700,000 'plus-up' checks sent out in latest payment run Qualifying households also get additional credits of $1,400 per dependent of any age.
WILL THERE BE A THIRD STIMULUS CHECK IN MARCH FULL
Heads of household with an annual income below $112,500 get the full $1,400 and are eligible for a reduced stimulus check up to a $120,000 earnings cap. Steadily smaller stimulus checks are available for higher earners up to a final phase-out limit of $80,000 a year for individuals and $160,000 for joint filers. In the third round of stimulus checks, officially known as Economic Impact Payments, individuals earning up to $75,000 a year receive $1,400 and joint tax filers on a combined $150,000 get $2,800. Third stimulus check: how much are Americans getting? ‘Plus-up’ payments are being distributed to taxpayers whose third stimulus check had already been automatically calculated and sent out using the income information in their 2019 federal tax return, but who are now entitled to a larger check based on the earnings detailed in their recently-processed 2020 return. Newly-processed tax returns lead to 'plus-up' stimulus checks
“ More than a third (39%) of all middle and low-income consumers plan to use stimulus checks to pay their current bills or loans,” TransUnion says in its report.As part of the third round of stimulus checks, the Internal Revenue Service (IRS) is sending out supplementary cash injections known as ‘plus-up’ payments to qualifying Americans. TransUnion’s research also indicates that three-quarters of those whose income has dropped are worried about their ability to pay bills and loans, with a large number of consumers using their stimulus check to meet such obligations. Only 13% of respondents to the survey said this fall in income was down to something other than someone in the household losing their job, being furloughed, having their working hours reduced or seeing their business shut down/lose custom. Stimulus checks go to paying bills, loans as nearly one in four households report drop in income amid pandemic - researchĪ consumer survey carried out this month by TransUnion has found that 38% of American households are continuing to suffer a drop in income amid the economic effects of the coronavirus pandemic.Īlthough this is a 15-point decrease on March 2020, CBS cites TransUnion’s head of global research and consulting, Charlie Wise, as describing the current level as stubbornly high. (Reuters photo: REUTERS/Leah Millis/File Photo) Treasury officials said last week that the state and local government aid program, which is still setting rules on the use of funds, would start distributing money within about 60 days.
Treasury is also working closely with state, local, tribal and territorial governments to implement $350 billion in aid to them, she said. "We're cutting through the red tape for them, while still taking reasonable steps to prevent fraud and abuse," Yellen said.
The Treasury also is reducing some documentation requirements for struggling Americans to receive funds to help them make housing rental and mortgage payments in an effort to speed the implementation of a $30 billion housing aid plan. Yellen said the Treasury, tasked with implementing much of the Biden stimulus plan and distributing the funds, was working to expedite relief to the areas of greatest need, including the smallest of small businesses, which are disproportionately owned by women and people of color. In fact, I think we may see a return to full employment next year." And I believe they will be met there by a growing economy. Yellen, in written testimony prepared for delivery to the House of Representatives Financial Services Committee, said that with passage of the $1.9 trillion American Rescue Plan Act, "I am confident that people will reach the other side of this pandemic with the foundations of their lives intact. Treasury Secretary Janet Yellen will paint an optimistic picture for the US economy as it emerges from the coronavirus pandemic, telling lawmakers on Tuesday that she sees both growth and possibly full employment next year - due to President Joe Biden's coronavirus stimulus package. US could return to full employment in 2022 on back of Biden stimulus package - Yellen
0 kommentar(er)
