Congress plans to take steps this week to swiftly pass President Joe Biden’s coronavirus aid proposals, including a third wave of direct aid payments to most Americans.
The next set of stimulus checks would cost $ 1,400 – to round off the $ 600 payments that began in late December. Democrats and former President Donald Trump wanted to provide $ 2,000 that round but were foiled by Republicans who were leading the Senate at the time.
Now there is a new Senate in which Biden’s Democratic Party is in control. This could make it easier to pass the new exams, although there are some potential challenges.
Here’s what to expect this week, as well as the latest estimate of when you are likely to get more cash.
New high priority exams
Biden has announced a comprehensive $ 1.9 trillion COVID rescue package that includes the new stimulus checks. He says the recent $ 600 payments were “just not enough”.
“You just have to choose between paying the rent and putting out food,” Biden said in a speech in which he outlined his proposal.
The first $ 1,200 in aid Americans received last spring was mostly spent on just getting through expenses, including groceries and rent, according to the U.S. Department of Labor Statistics.
A survey by the office also found some people invested the money or used for various other purposes. These may have included Buy affordable life insurance – Policy sales have increased in the wake of the pandemic.
House spokeswoman Nancy Pelosi said the House is pursuing Biden’s plan and the House’s committees are expected to vote on it this week. It will be “completely ready” for the whole house to pass in the following week, Pelosi says.
What is the possible time for the 3rd review?
In the meantime, the Senate is facing impeachment proceedings against Trump, but these are on hold for a few weeks. Biden says the delay will help get the new coronavirus aid “up and running” so some movement in stimulus checks is likely this week.
But the new majority of Senate Democrats are as thin as possible, and even some Democrats could oppose parts of the Biden COVID plan, including its call to raise the federal minimum wage from $ 7.25 an hour to $ 15.
Some party members are already talking about a possible Plan B if it is difficult to get the president’s entire aid package through. They say the $ 1,400 direct payments and vaccine distribution money could be combined into a separate bill that could possibly get quick approval with Republican support.
If both the House and Senate are able to approve the new stimulus checks early next month – which it can indeed do – you could get yours until the end of February. But if there are any shortcomings – and they are possible – you may have to wait until March or even April.
What if you need more money now?
When COVID is on your budget and you need extra money right nowHere are some ways you can raise some money yourself:
Find creative ways to save. Disconnect from subscription services that you are not using. Cook more yourself and stop your occasional dinner deliveries. And download a free browser add-on This will automatically search for better prices and coupons when you shop online.
Reduce the cost of your debt. If you’ve relied on your credit cards more than usual during the COVID crisis, you’re probably piling up interest. Take control of your credit card debt – and make it go faster – by consolidating your balances into one. Lower interest debt consolidation loan.
Stop wasting money on insurance. Since many of us drive less during the pandemic, auto insurance companies are giving discounts. If your insurer is one of the stingy ones Browse for better policies. And you could save hundreds on your homeowner insurance by comparing the prices with find a cheaper price.
Refinance your mortgage and reduce your payments. So mortgage rates were lower than ever Refinancing your existing home loan could bring significant savings. Mortgage technician and data provider Black Knight says 19.4 million U.S. homeowners could cut their housing allowance payments by an average $ 308 per month through a refi.