The Biden administration has announced its plans for the latest round of stimulus check payments aimed at providing financial aid to millions of Americans affected by the ongoing pandemic. As per the latest updates, the average payment per person is expected to be $1,200, with some individuals receiving up to $2,400 based on their annual income.
The stimulus payments, which are part of the larger $1.9 trillion economic relief package, will be issued in two parts – $1,200 for each adult and $500 for each dependent child. The package also includes additional unemployment benefits of $400 per week, money for vaccine distribution, and aid to state and local governments.
Stimulus Check Payment Slabs
The payments will be based on the taxpayer’s 2019 tax returns, and those who earned more than $75,000 a year in adjusted gross income will receive a reduced payment. The payments will decline by $5 for every $100 earned over the $75,000 threshold, and those who earned more than $87,000 will not be eligible for any payments.
For those who did not file a 2019 tax return, such as the unemployed, disabled, or those on Social Security, their payments will be based on their 2018 tax returns. The aim of these stimulus check payments is to provide financial support to those who have been hardest hit by the pandemic, helping them stay afloat during these uncertain times.
In conclusion, the latest stimulus check payments are expected to provide a much-needed financial boost to millions of Americans affected by the pandemic. The package, along with the additional unemployment benefits and aid to state and local governments, is aimed at supporting those struggling during these difficult times.
