With President Joe Biden beginning his work at the White House, many Americans are wondering if they’ll finally see a third round of stimulus checks.
While former President Trump and the House backed sending out $2,000 stimulus checks, Senate Majority Leader Mitch McConnell blocked the measure from a vote in the Senate. Instead, $600 Economic Impact Payments were dispersed, which President Biden called a “down payment.”
He proposed a $1.9 trillion coronavirus relief plan that would provide most Americans with an additional $1,400 per person.
Now, analysts have weighed in explaining that while it’s likely another payment will happen, it may take months for the payments to arrive.
According to CBS News, the relief package dubbed the “American Rescue Plan” will likely face pushback from Republican lawmakers. However, it is gaining a large chunk of support from both sides with economic hardships like jobless claims jumping to nearly 1 million taking a toll.
Hunter Hammond, a Heights Securities analyst, expects lawmakers to scale the package from anywhere between $1 trillion to $1.5 trillion with relief payments being passed in the first three months of 2021.
Alec Phillips, chief U.S. political economist with Goldman Sachs, supported this claim stating the package could be passed in mid-February to mid-March.
It would need to pass Congress and be signed by the president before the IRS could begin distributing funds.
The upcoming relief payments could also include more Americans as Biden wants it to include adult dependents, who were previously excluded in the first two rounds. This would include college students that are claimed as dependents on their parents' taxes and disabled adults.
Additionally, he aims to raise the minimum wage to $15 to prevent economic "scarring due to this pandemic."