Hours before President Donald Trumpby objecting to the for a , President-elect Joe Biden already committed to a for 2021.
“This bill is just the first step, a down payment, in addressing the crisis — crises, more than one — that we’re in,” Biden said Tuesday. When asked by a reporter if a future package would contain the third stimulus check and how much money he would seek, Biden said, “That’s a negotiating issue… But it will, yes, it will.”
It isn’t clear if Biden would pursue a third stimulus check if thegrows to $2,000 as a result of Trump’s veto threat.
Trump has indicated he could veto theif Congress doesn’t increase the maximum payout from , but has not similarly demanded to increase funding to other programs listed in the bill, like for 11 weeks or money for distribution. (You calculate your $600 here.)
Biden said he plans to encourage Congress to pass a larger stimulus package after.
For months, the nation has fixated on when awould bring more economic relief to families, and to a US economy that has been tossed around by the . Over 8 million people have fallen below the poverty line since the summer, according to the Washington Post; when daily positive COVID-19 cases are overwhelming hospitals across the nation; and as the death toll tops historic records. The is currently being administered around the country, but officials say it will be many months before .
Below, we detail what we currently know about stimulus checks in 2021.
If the $600 stimulus check happens: Less money to fewer people?
Thepassed and the IRS and US Treasury are ready to send it out faster this time, with tens of millions of people expected to receive the second direct payment by Dec. 31 and the rest to get theirs in early 2021.
It gets complicated. There’s a self-imposed, after which time you’ll have to as you file your yearly taxes.
That isn’t the only mind-bender. Because the upper limit for a, with an extra , the way the IRS’ formula works out, more people will hit the upper income limit for receiving a second payment, which means they at all.
With that in mind, a third stimulus check could take several angles, from addressing some of the population that the second stimulus check would have missed, to potentially sending a fresh wave of economic relief to those in greatest financial straits.
Much could depend onand what the new Biden administration sees as its goals in rehabilitating an economy weakened by the coronavirus pandemic. For now, we’re waiting to see what happens with the second stimulus check, while looking to early 2021 for more.
What else might be in a new stimulus bill for 2021
We already know some of, which he shared as part of his presidential campaign trail. There’s a good chance that he’d push Congress to revisit those agenda items, in addition to several programs left out of this by both Republicans and Democrats.
They could include measures like:
- A third stimulus check that could reach more people.
- past March.
- Renewing the past Jan. 31.
- Student loan deferrals.
- More money for state, local and tribal governments.
- More money for contact tracing, coronavirus testing and distribution.
- Liability protection for businesses against coronavirus-related lawsuits.
For more information, here’s how to calculate your second stimulus check payment,and a primer on the .