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Amidst the ongoing global pandemic, governments around the world have taken various measures to support their citizens and revive their struggling economies. In the United States, one such measure came in the form of stimulus checks distributed to qualifying individuals. As discussions continue on the implementation of a third stimulus check, many Americans are curious to know the potential amount they may receive.
The first two rounds of stimulus checks were approved by Congress and swiftly distributed to individuals and families to help alleviate the financial burden caused by the pandemic. The first check, authorized under the CARES Act in March 2020, provided up to $1,200 to eligible individuals, with an additional $500 for qualifying children. The second stimulus check, approved in December 2020, provided up to $600 for each qualifying adult and an additional $600 for each child dependent.
As the push for a third stimulus check gains momentum, discussions surrounding the potential amount have varied. President Joe Biden has proposed a $1.9 trillion relief package, which includes the provision for a third stimulus check. The proposed payment, according to President Biden, would be an additional $1,400 per individual, making the total amount of the third stimulus check $2,000 when combined with the second round of payments.
The eligibility criteria for the third stimulus check are expected to be similar to those of the previous rounds. Americans who meet the income thresholds will likely be eligible to receive the full amount of the stimulus check, whereas individuals with higher income levels may receive reduced amounts or may not qualify at all. The exact income thresholds for the third stimulus check are yet to be finalized and determined by Congress.
The IRS is responsible for disbursing the stimulus checks, as it did in the previous rounds. The agency is likely to rely on the latest tax information available to determine eligibility and distribute the funds accordingly. Individuals who have already provided their banking information to the IRS for direct deposit purposes are expected to receive the third stimulus check more quickly than those who receive paper checks.
While the idea of a third stimulus check brings hope to many struggling Americans, there are still hurdles to overcome before the proposal becomes a reality. The relief package needs to be approved by Congress, and potential amendments or negotiations may impact the final amount or the eligibility criteria. It is important for individuals to stay informed and follow official announcements regarding the third stimulus check to understand how it may affect them.
In conclusion, the potential amount of the third stimulus check is set to be $1,400 per qualifying individual, when combined with the previous $600 payment from the second round. However, it is crucial to note that these figures are based on President Biden’s proposal, and final amounts may be subject to change. As negotiations and discussions continue, it is advised for individuals to stay updated on the latest developments to accurately understand the amount they may receive.
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