Last Saturday, March 6, the Senate passed a new bill on a new aid package to overcome the effects of the coronavirus crisis in the country. In view of this new aid package, the third since the pandemic arrived, new questions have arisen about the eligibility to access the aid of this new stimulus package presented by Biden and the Democratic Party.
These are the keys to the $1.9 trillion stimulus package that passed the Senate on Saturday:
THE $1,400 CHECKS
One of the most important measures of this stimulus package is the $1,400 checks, which are estimated to be received by more than ten million people, but who has access to them? What requirements must be met to access this measure?
1. All those who receive LESS than $75,000 per year (AGI), if they are single.
2. All those who receive LESS than $150,000 per year (AGI), if they are married.
Those who receive more than $80,000 or $160,000, depending on their marital status, will be excluded from the $1,400 check.
If the above requirements are met, $1,400 per person will be received.
In the first draft, aid was expected up to $100k or $200k depending on marital status, but this cut has not made it through the Senate.
One of the novelties of this new aid package, compared to the two previous packages, comes from the case of dependents. This time there will be no age limit to receive the checks for having dependents in the family unit.
1. $1,400 will be received per dependent, regardless of age (this also includes full-time college students between 18 and 24 years of age).
The aid will be received by the person caring for the dependent, NOT the dependent.
EXTRA $300 IN UNEMPLOYMENT BENEFITS
Since September, this measure was in place in which there was an extra $300 in unemployment benefits. In the draft of this new aid package proposed by President Biden was the idea of raising this aid to $400, but again, this measure has not been approved in the Senate.
1. Unemployment assistance of an extra $300 is maintained.
2. The tax burden for unemployment benefits is reduced for households earning less than $150k.
CHILD TAX CREDIT (CTC)
As a parent, you should be aware that when you file your taxes, you have some benefits, such as more deductions and tax credits, for having a child.
1. You may be able to deduct up to $3,600 for each child under the age of six.
2. They could deduct $3,000 for each child between the ages of six and seventeen.
Add to this that full-time college students now count as dependents, so they will receive the $1,400 allowance.
BOOST TO THE AFFORDABLE CARE ACT (PPACA/OBAMACARE)
Another very important point in this aid package is related, of course, to health insurance.
It is expected that millions will be allocated for public health, as well as health insurance for war veterans.
1. Temporary increase in the subsidy for people who purchase health insurance through the so-called “Obamacare.
2. Helps unemployed people keep their health insurance through the COBRA program.
REQUIREMENTS FOR NON-CITIZENS
Another important point in this aid package was the question of whether non-U.S. citizens could have access to the aid of this new stimulus plan.
The CARES Act required a Social Security number to be eligible for the stimulus package.
- This includes families with mixed-status, where at least one member has a Social Security number.