If you’re holding out for the third stimulus check, there’s some good news: the next payment is still on track to be $1,400 for many Americans. That’s thanks to House Democrats who have defeated a Republican-led effort to lower the threshold for the next stimulus payment, reports CNN.
In the defeated GOP plan, House Republicans wanted to send out $1,000 checks to those making less than $40,000 a year. That $1,000 payment would dwindle as a person’s annual income increased to $50,000 a year. Anyone who made over $50,000 a year wouldn’t get any third stimulus check at all.
The Democratic-controlled House is now moving ahead with its own bill, which includes a $1,400 stimulus check for all Americans earning less than $75,000 a year. If you earn more than $75,000, you’ll still get a third stimulus check under the plan, but its total will be reduced based on increasing income. Those earning more than $100,000 a year won’t get any checks at all under the Democratic plan.
Essentially, the Democratic plan doubles the income threshold for the third stimulus check payment and increases the maximum payment by 40% over the defeated Republican plan. Had the Republican plan passed, it’s estimated that 29 million American households who received a stimulus check last time would not receive a third stimulus check.
However, though the GOP bill failed and House Democrats are moving ahead with their own bill, it will still be over a month—at the earliest—before Americans get their third stimulus check. Any bill House Democrats pass will need to be passed in the Senate along with President Biden’s proposed $1.9 trillion stimulus package. Even though the Democratic-controlled Senate may be able to do so through a process known as budget reconciliation, Biden’s plan is not expected to be passed until at least March 14.