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On March 11, President Biden signed the American Rescue Plan, a third relief package since the pandemic’s start, aimed at helping low and middle-class Americans.
Providing $1.9 trillion, the bill includes another round of direct stimulus payments up to $1,400 per person, an extension of unemployment benefits and tax breaks.
Payment eligibility is narrower than in previous rounds.
• Full payments to individuals making $75,000 or less or joint filers $150,000 or less.
• Payments then phaseout, with individuals making more than $80,000 and joint filers more than $160,000 not receiving payments.
• Additional $1,400 per dependent, including college students claimed as dependents.
– MaryGrace Williams, 360 Media, Inc.