The New Stimulus Package: Everything You Need to Know

posted on Thursday, March 11, 2021 in General

Stimulus Check

A third coronavirus stimulus check will soon be making its way to Americans’ wallets after Congress approved the final touches on President Joe Biden’s $1.9 trillion American Rescue Plan.

For many members, this will provide relief in the form of direct payments, unemployment benefits, small business loans and more.

Here’s everything you need to know about the payments, including who is eligible, how much you’ll receive, and how soon you can expect these payments.

Is there a 3rd stimulus check coming?
President Biden signed off on the $1.9 trillion American Rescue Plan Act on Thursday, March 11th.

When can I expect my stimulus money?
The payments will most likely be disbursed later in March. The IRS began sending the previous round of stimulus payments within a few days of signing the last bill. You can track the status of your payments with Get My Payment tool.

How much will the 3rd round of stimulus be?
The third round of stimulus funds is worth up to $1,400 per individual and dependent. Single filers earning an adjusted gross income (AGI) up to $75,000 and heads of household earning up to $112,500 will receive $1,400, and married couples earning up to $150,000 are eligible for $2,800. Those taxpayers will also receive $1,400 for each dependent. Click here to calculate your third stimulus payment.

How will the payments be sent?
The payments will primarily be sent via direct deposit, just like the other two rounds. If the IRS doesn’t have your direct deposit info, you may get a paper check or a pre-paid debit card in the mail.

How do I know when the stimulus is in my account?
Did you know you can set up customizable alerts in Digital Banking? Here is how to create an alert:

Sign in to Digital Banking via c1stcu.com or download our mobile app by searching ‘Community 1st CU’
Select Settings, then Alerts
Select New Alert, then History Alerts
Under Transaction Type, select Description box
Enter “IRS” as the description to be notified when the payment hits your account.
Select Account and Alert Delivery Method
Agree To Terms (if selecting text message delivery) and click Create Alert

Don’t use digital banking? We also have a 24-Hour Telephone Banking system, 888.684.7989. Get general account information, balance inquires, and transfer money anytime, anywhere. Need access? Just call 866.360.5370, email memberservice@c1stcu.com, or text 641.638.5015.

What else does the American Rescue Plan Act include?
The relief legislation expands the child tax credit to $3,000 annually per child aged 6-17 and to $3,600 for kids under 6 for single parents earning less than $75,000 annually, $112,500 for head of households, and $150,000 for married couples. (The current child tax credit is $2,000 per child under 17 for single parents or heads of household earning less than $200,000 or married couples making less than $400,000 annually). If the Treasury Department decides to disburse those payments monthly, it would provide a guaranteed income for families in the form of $300 monthly checks per child under 6 and $250 monthly checks per child between 6 and 17 from July to December. (Parents who qualify would be able to collect the other half of the child tax credit when they file their taxes in 2021.)