New Stimulus Rules Will Cut Out Millions from 3rd Check

stimulus Mar 03, 2021

Today, Democratic lawmakers and President Biden agreed to change eligibility rules on $1,400 direct payments that are in the proposed $1.9 trillion stimulus package. Here's what you need to know and who's cut out.

Democrats Concede To Gain More Legislation Support

President Biden agreed on Wednesday to place stricter income limits on the next round of stimulus payments, making the latest in a series of crucial concessions to moderates as Democrats worked to hold their fragile coalition together to push his $1.9 trillion pandemic aid package through a divided Senate.

The decision to curtail who would receive stimulus checks is another concession by Democrats around the stimulus bill as they aim to get it passed in the Senate this week so it can be signed into law by President Biden next week.

Stimulus Checks Will Be More Targeted — With $80,000 Cutoff

Today's concession now means that anyone who earned more than $80,000 (or $160,000 for joint filing) won't receive any 3rd stimulus check. Previously, the $1,400 stimulus checks had gone up to around $100,000 (and $200,000 respectively).

This is part of the argument Republicans have long made that the direct payments should go to the people who need it the most. Republicans, of course, have also argued that the $1.9 trillion package is too much as it is. This change today should shave off a significant portion of the final bill amount.

In terms of timing, if the relief package passes the Senate this week, it could be signed into law next week. That means it's likely the direct payments — for those eligible — could go out at the end of March and beginning of April.

Does Today's Direct Payments Change Affect You?

We'd love to hear if today's last-minute eligibility change affects you? Are you still eligible or are you now cut off? We're running a poll on our YouTube community and you can see live polling results here.

Current poll as of Wednesday evening. See the latest results here.

Want To Find Out About More Grant Opportunities?

We have a team of researchers that checks for national, state, and local grants and funding opportunities on a daily basis. Today, we've identified 15 new programs across the US. You can get access to these on our App, tap "See New Grant Opportunities" on the Services Page to get started. Don't miss out! We just found a great $20,000 grant program available nationally.  

📌 Here's today's daily YouTube video where we talk about this stimulus check news as well as other PPP and EIDL updates for small business owners.

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