It took Congress nine months to agree on a second stimulus check, and when they finally decided on it, it was for just $600, an amount that disappointed many Americans as well as many politicians. Democrats and some Republicans were hoping for a $2,000 stimulus check, but Senate Majority Leader Mitch McConnell and other Republicans were against it, so it didn't happen. However, now that the President will be a Democrat, and the party will have power in both the House of Representatives and the Senate, a $2,000 stimulus check is very likely and could happen soon.
On Monday, President-elect Biden stated, "My priority is to get, first and foremost, a stimulus bill passed and secondly, again to rebuild the economy. I've been speaking with some of my Republican colleagues about being able to move on a second package sooner than later." It turns out that stimulus bill might not just include a third stimulus check for individuals, but some very generous benefits for families as well.
The first stimulus check provided families with an additional $500 for each dependent child age 16 or younger, while the second check increased that amount to $600 for each. Now, the third package might offer a lot more. When Democrats proposed their CASH Act relief package last month, it called for $2,000 for each eligible child. The bill passed the Democrat-led House but failed in the Republican-led Senate. Now that the Senate has flipped, $2,000 checks for dependents, or at least checks for more than $600, have a much greater chance of passing and happening.
Additionally, in previous relief package proposals, the dependents eligible for checks included college students age 23 or younger, as well as elderly dependent parents. While members of both parties supported the idea, not enough Republicans were behind it so it also failed in the Senate. But, once again, Democrats now control that chamber so Biden's proposal could also remove the age limit on dependents.
However, with all those benefits, the price tag will be pretty high, and to help keep costs reasonable, the third stimulus check might not go to as many people. While the first two checks went out in full to people with an adjusted gross income of $75,000, or $150,000 for couples, those thresholds may drop for the third check. While those making more than the new, lower eligibility limits might still get some direct payments, it won't be the full amount.
We won't know anything until Biden takes office on January 20th, but expect him to put forth a relief package proposal not long after that day. If everything goes smoothly, you could have a third stimulus check by mid-February.
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