IF I OBTAIN UNEMPLOYMENT BENEFITS, WILL I BE ELIGIBLE FOR A THIRD STIMULUS CHECK?
President Joe Biden’s American Rescue Plan will prolong unemployment benefits and provide a $1,400 stimulus payment to millions of Americans.
Congressional Democrats enacted the $1.9 trillion pandemic relief measure, which President Joe Biden signed into law Thursday as the American Recovery Plan, to aid hasten recovery and sustain struggling Americans until the virus is beaten.
Two provisions of the bill will aid household budgets, one in the immediate term and the other until Labor Day.
The first wave of $1,400 stimulus cheques will be placed into Americans’ bank accounts as early as this weekend, according to the White House. Unemployed Americans in the United States will be able to extend their unemployment benefits until early September, which were slated to expire on March 14.
IS IT POSSIBLE TO GET A STIMULUS CHEQUE IF I’M ON UNEMPLOYMENT INSURANCE?
The two components of the jobless assistance bill are not mutually exclusive; if you receive one of the benefits, you are not automatically eligible for the other. In many circumstances, both resources are required to keep households’ finances afloat across the country.
Unemployment benefit taxes could save a married couple up to $20,400.
While the Internal Revenue Service (IRS) will send direct stimulus payments, state unemployment agencies will issue federal pandemic unemployment benefits.
The first is a pre-paid refundable tax credit for 2021, while the second is taxable income.
RELIEF BILL EXTENDED UNEMPLOYMENT BENEFITS AND WILL INCLUDE A WEEKLY RAISE
Biden’s relief bill also extended unemployment benefit programs, such as the Pandemic Emergency Unemployment Compensation plan, which provides unemployed U.S. citizens with 13 weeks of benefits in addition to the 26 weeks usually provided to them, the Pandemic Unemployment Assistance program, which has provided benefits to all workers who are not eligible for regular unemployment insurance.
This legislation also introduces a $300 weekly supplement that provides claimants with part of their basic unemployment payment. All schemes to be implemented through September 6.