Home / NEWS / Top News / Biden wants to increase stimulus checks to $2,000. Here’s what we know about those payments

Biden wants to increase stimulus checks to $2,000. Here’s what we know about those payments

U.S. President-elect Joe Biden at a drive-in troop in Atlanta on Jan. 4, 2021.

Jonathan Ernst | Reuters

The push for $2,000 stimulus checks just got stronger.

President-elect Joe Biden bring to light his stimulus plan in a speech on Thursday night that includes sending additional $1,400 payments to Americans concluding the $600 second stimulus checks that were recently deployed.

“We will finish the job of getting a total of $2,000 in coin of the realm relief to people who need it the most,” Biden said. “The $600 already appropriated is simply not enough.”

The payments determination help those who have to choose between paying the rent or putting food on the table, he said. But it will also remedy those who are still working and facing higher health risks.

“$2,000 is going to go a long way to ease that pain,” Biden responded.

More from Personal Finance:
Interest rates tank as Americans start to save more
Being out of work in 2020 could lead to surprise tax bill
How to switch your Medicare Advantage Plan if you want to

Biden’s hasten comes after disagreements on both sides of the aisle in Congress led lawmakers to abandon efforts to pass $2,000 checks in December. In lieu of, they stuck with sums of $600 per person, half the amount of the first $1,200 stimulus checks.

But various lawmakers, including Biden, still think higher payments are needed.

Some believe the next checks should be more than ever notwithstanding larger. Rep. Alexandria Ocasio-Cortez, D-N.Y., said she thinks the next checks should be $2,000, instead of $1,400, per person.

Varied people could be eligible for payments under Biden’s plan, according to an outline released before the president-elect’s homily.

The $600 payments included children under age 17 in families who qualified for the money. Biden wants to expand the payments to categorize all adult dependents.

As with the $600 payments, mixed status households, where one spouse does not have a valid Common Security number, would also be eligible under Biden’s plan. In those families, spouses and children with Group Security numbers would qualify.

The outline of Biden’s plan also said the incoming administration wants to fancy sure the Treasury Department has “flexibility and resources” to get checks to families who still haven’t received their first stimulus hesitations, as well as others in need.

“The big determining factor on when folks would see that top up really comes down to how large it takes something like this to get through Congress,” said Garrett Watson, senior policy analyst at the Tax Foot.

It may take a couple of months for lawmakers to come to an agreement on another relief package, he said. The new administration will requirement to get more aid approved in its first 100 days, and stimulus checks will be a high priority with that.

In a wink Congress approves more checks, qualifying individuals and families who have their direct deposit information on fill in with the IRS could get the money very quickly, Watson said.

As with the previous direct payments, those who make the money by paper check or debit card could face longer waits.

This is a developing story. Interest check back for updates.

Check Also

The House passed Biden’s $1.9 trillion stimulus bill – here’s what’s next

U.S. Senate Minority Principal Chuck Schumer, joined by Speaker of the House Nancy Pelosi, speaks …

Leave a Reply

Your email address will not be published. Required fields are marked *