The US House of Representatives approved the Senate’s revamped version of Biden’s 1.9 trillion stimulus plan on Wednesday. 

The bill is expected to be signed into law by President Biden by Friday as per Jen Psaki’s statement. 

Also Read: Representative Jared Golden: The democrat who voted against the relief bill

As the stimulus package inches closer to pumping federal resources into the COVID-19 struck economy, here are some answers to your questions about the aid: 

(1) How much will the stimulus payment be? Are you eligible?

An individual must have a Social Security number to be eligible for the stimulus payment. $1400 would be given to almost everyone. Eligible recipients would receive identical payments for each of their children. 

A person must have an adjusted gross income of $75,000 or below.

Head of household must have an adjusted gross income of112,500 or below

Married couples filing jointly must have an adjusted gross income of $150,000 or below.

Also Read: Senate approves Merrick Garland as US Attorney General

(2) Does the stimulus plan impact insurance in any way? 

Yes, buying insurance through the Consolidated Omnibus Budget Reconciliation Act(COBRA) will become cheaper. The government will be paying COBRA premium till September 30, starting on April 1 for individuals who had their hours cut or lost their jobs.  

In a normal situation, a person may have to pay at least 102% of the cost of the premium.

COBRA lets you buy coverage through a former employer in case you lose your job. 

People who voluntarily left their job or for new employer-based health insurance someplace else before September 30 would not be eligible for this. 

(3) How will you get your payment? 

You would be able to track the payment status through Internal Revenue Services(IRS)’s Get My Payment Tool. The first payments are expected to be out soon. 

(4) What can you do if you still haven’t received your payment from a past round of stimulus?

You file your claim through Recovery Rebate Credit in 2020 return. You must make your claim on line 30 of Form 1040 or 1040-SR.

(5) Does the new aid impact unemployment payments?

Payments would be extended till September 6 in case you are already receiving the unemployment benefits. The weekly benefit would be $300 on top of your regular benefit. 

The new stimulus plan has made the first  $10,200 of unemployment benefits tax-free for all individuals who have an income lower than $150,000.