The arrival of your third stimulus check is getting closer and closer. After being sent two stimulus payments last year—one in the spring and one in the winter—Americans are eagerly awaiting a third payment, the first stimulus check sent by President Joe Biden. On March 6, this third round of payments was passed by the Senate as part of a larger COVID relief bill, but it still has to go back to the House of Representatives so changes can be approved before the president can sign it into law. This next vote is scheduled for March 10, which means checks are likely just around the corner. However, there will be some changes for this stimulus check compared to the previous checks sent under former President Donald Trump—including one thing that will be missing this time round. Read on to find out what makes these stimulus checks different, and for more on the timeline, This Is When Your Next Stimulus Check Will Finally Arrive.
President Biden's signature won't be on these stimulus checks.
ShutterstockAccording to a White House official, the third stimulus checks will not include President Biden's name, The New York Times reported. This is a change from the two previous stimulus checks, both of which had President Trump's name, along with a signed letter accompanying the payment. Jen Psaki, the White House press secretary, said on March 9 that the checks would instead be signed by a career official from the Bureau of the Fiscal Service, which is part of the Treasury Department. Psaki said that President Biden did not feel that putting his name on the checks was "a necessary step." And before you start checking the mail, find out Why You May Not Get the Third Stimulus Check.
The third stimulus checks will have a larger base amount than the first or second checks.
iStockAmericans received $1,200 for their first stimulus payment in the spring of 2020. Later in the winter, former President Trump authorized and passed another smaller payment of $600. However, the third stimulus check under President Biden will be for a base amount of $1,400. Some critics say this is still lower than the $2,000 checks Biden originally promised—though Biden has since said that the $1,400 proposal "will finish the job of getting a total of $2,000 in cash," when seen as an addition to the second stimulus check of $600. And for more financial guidance, If You're Waiting on a Stimulus Check, Read This Before Filing Your Taxes.
Families will get more money for dependents.
iStockThere have been two major changes for dependents with the third stimulus check. For the first stimulus payments, families received an extra $500 for each dependent 16 years or younger, with that amount increased to $600 for the second round of payments. However, for the third stimulus checks, families are being offered an additional $1,400 for each dependent. And this time around, these dependents don't have to be 16 years or younger. Under the plan for the third stimulus payments, all dependents—no matter their age—will qualify for this payment. This means that families with older dependents, like college students 23 years or younger or elderly parents who live with them, will get money that they did not receive from the first or second checks. And for more up-to-date information, sign up for our daily newsletter.
Fewer people will qualify for the third stimulus check.
iStockWhile you may get more money with the third stimulus check, there is a chance you might not qualify for this payment at all—even if you qualified for the last two. On March 3, Biden agreed to stricter income limits on the third stimulus checks, according to The New York Times. Under the new proposal passed by the Senate (which still has to go back to the House), if you make over $80,000 as an individual, $120,000 as a single parent, or $160,000 as a joint-filer, you won't receive a check. This is $20,000 lower than the income caps were for the last stimulus payments. According to estimates from the Institute on Taxation and Economic Policy, nearly 11.8 million people won't receive the third stimulus check with this new plan, but would have under the plan that was originally passed by the House. And for fluffier content on the Biden administration, This Is the One Place in the White House the First Dogs Aren't Allowed.
