March 3, 2021

President Biden Limits Eligibility For Stimulus Payments

President Biden Limits Eligibility For Stimulus Payments

Here’s the latest third stimulus check.

According to reports, President Biden has agreed to narrow eligibility for $1,400 stimulus payments in his $1.9 trillion coronavirus relief bill.

Reportedly, under the new structure, the checks would phase out faster for those at higher income levels, compared to the way the direct payments were structured in Biden’s initial proposal and the version of the bill passed by the House on Saturday.

Individuals earning below $75,000 per year and couples making up to $150,000 per year would qualify for the full $1,400 stimulus payment. Under the changes agreed to by Biden and Senate Democratic leadership, individuals who earn under $75,000 per year and couples earning under $150,000 would still receive the full $1,400 per person benefit. Yet, the benefit would disappear altogether for individuals earning more than $80,000 annually and couples earning more than $160,000.

This means individuals earning between $80,000 and $100,000, and couples earning between $160,000 and $200,000, are newly excluded from a partial check under the newest plan endorsed by the Biden administration.