Americans will receive a $1,400 Stimulus Check next month

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US President Joe Biden has promised to deliver a 3^rd stimulus check to millions of Americans still stumbling from the coronavirus pandemic. It is part of a broader $1.9 trillion relief package, but it could be months before households start to receive the money. The Goldman Sachs analyst Alec Phillips projected the US Congress will pass another round of emergency aid sometime between mid-February and mid-March 2021. He said that the timing ultimately hinges on several factors, such as Trump’s impeachment trial in the US Senate and whether Democrats use a process known as budget reconciliation to pass the relief measure using their slimmest-possible majority. Phillips issued a statement and said, “We do not expect 10 Republicans to support a $1.9 trillion relief package”.

President Biden wants to sign the legislation to release the money after the approval of the bill from Congress. Point to be noted that The IRS and Treasury Department would then distribute the cash payments through direct deposit, mailed checks, and prepaid debit cards. The US federal government took around 2-weeks to start distributing the first round of $1,200 payments in April 2020, and around one week to send the 2^nd round of checks, worth $600, in January 2021. The Americans could expect to receive the money anywhere from late February to late March. However, the top Democrats endorsed Biden’s stimulus proposal foreshadowing a looming battle between lawmakers over federal spending. A number of deficit-weary Republicans have said the aid package is too expensive.

Phillips also said that the legislation is expected to end up costing about $1.1 trillion, including $200 billion for state and local governments, compared with the $370 billion proposed by Biden. Goldman also suggested that the legislation includes a 3^rd $1,400 stimulus check, including additional funding for supplemental unemployment benefits. Biden also said he needs the legislation to receive the bipartisan support necessary to pass in the upper chamber. But, Biden’s press secretary, Jen Psaki informed reporters on Wednesday that Biden administration isn’t going to take any tools off the table”. It is noteworthy that Democrats will control the US Senate. Democrats also hold a slim 222-to-211 advantage in the House.