On March 11, 2021, President Biden signed a $1.9 trillion American Rescue Plan. The IRS has already started sending the third round of stimulus checks to eligible Americans and pandemic unemployment assistance has been extended. Here’s how it will affect you.
How much is the third stimulus check?
In the third round of stimulus payments, you can expect:
- Up to $1,400 for eligible individuals
- Up to $2, 800 for eligible married or joint filers
- Up to additional $1,400 per eligible dependent
- Use this online tool to help determine how much you should be expecting according to the American Rescue Plan.
Who is eligible?
Taxpayers with a social security number are eligible to receive a stimulus payment if they meet the following criteria:
- Singles who made less than $75,000 will be eligible for the full $1,400. If your income was higher, stimulus payments will be reduced, hitting zero at $80,000.
- Heads of the household who made less than $112,500 will be eligible for the full $1,400. If your income was higher, stimulus payments will be reduced hitting zero at $120,000.
- Couples or Joint filers who made less than $150,000 are eligible for the full payment of $2,800. If your joint income was higher, stimulus payments will be reduced, hitting zero at $160,000.
- Eligible taxpayers and their dependents of all ages, not just those under 17, will receive stimulus checks. That means college students and adult dependents will be eligible for the first time.
Who is not eligible?
- Singles who earn more than $80,000 AGI
- Heads of the household who earn more that $120,000 AGI
- Married or joint filers who earn more that $160,000 AGI
- Nonresident Aliens
- Individuals without a social security number
- Individuals who passed away in 2020
How and when will payments be dispersed?
The payments will primarily be sent via direct deposit, just like the other two rounds. If the IRS doesn’t have your direct deposit information, you may get a paper check or a prepaid debit card in the mail.
Some payments already went out over the weekend March 13-14 and will continue to be sent out during the week of March 15-19. Like the other two payments, taxpayers can track the status of their payments with the IRS Get My Payment tool.
Help for businesses
Biden’s American Rescue Plan includes aid for businesses too. The plan introduces a new program for restaurants and bars. The new program will receive $25 billion in pandemic assistance grants.
Additionally, the Payment Protection Program (PPP) will receive $7.25 billion. President Biden also announced program changes to make access to PPP loans more reasonable. With the program changes, more non-profits will now be allowed to apply to help cover their payroll costs and other expenses.
What this means for gig workers
In addition, Biden’s American Rescue Plan will increase the duration of benefits offered through temporary pandemic relief programs. Those programs include Pandemic Unemployment Assistance (PUA) for self-employed, gig and other workers who don’t qualify for state-level assistance. The PUA now has extended benefits of $300 a week through September 6, 2021 instead of March and increases the totally number of weeks available from 50 to 79.
Find work or workers, fast
GigSmart can help. While you are waiting for your stimulus benefits to kick in, we are here to help you find ways to make extra income or keep your business open. Whether you’re reopening your business or lost your job during these tough times, GigSmart is here to provide support for both businesses and workers. Find a local full/part-time job, temporary Gig or side hustle across multiple industries with the Get Gigs app. Alternatively, if you are short on staff, you can hire workers fast with GigSmart Get Workers.