The publication Forbes launched the online tool to compute the payment. Days before his inauguration as President of the United States, Joe Biden announced his “American Rescue Plan” as part of the economic measures to battle the crisis unleashed by the pandemic.
A key part of that initiative, which would involve an outlay of $1.9 billion, is a third $1,400 stimulus check that would supplement the $600 second “Economic Impact Payment” distributed by the Internal Revenue Service (IRS) in coordination with the Treasury Department since December.
Biden’s plan for $1,400 checks and the CASH Act
Biden’s plan is in line with legislation introduced in the House of Representatives called the CASH Act.
The measure was introduced last December 24 by the chairman of the House Ways and Means Committee, Democrat Richard E. Neal.
Neal introduced “Caring for Americans with Supplemental Help (CASH) Act of 2020” to increase the base dollar amount from $600 to $2,000.
The bill was introduced amid debate in the U.S. Congress for $2,000 checks, which at the last minute was pushed by outgoing President Donald Trump. “CASH Act” was passed by Democrats in the House, but was not considered in the Republican-majority Senate.
Should members of the new federal Congress embrace the new president’s proposal, Neal’s bill would likely be a building block to expedite discussion of a third $1,400 minimum stimulus check.
Same eligibility requirements as second stimulus bill
CASH Act follows the same eligibility guidelines as the “Coronavirus Response and Relief Supplemental Appropriations Act of 2021,” which passed last December and under which the $600 checks are distributed.
Under the CASH Act, each eligible individual would be paid $1,400. In the case of minor dependents, it is the same amount for each.
How to compute third stimulus check payment with the computer?
Based on the above, Forbes launched its own calculator for Americans to compute the estimated amount of money they would receive in the event of a third check.
To perform the computation, the user must answer at least three boxes online: whether they filed taxes in 2019; whether they filed individually, jointly or as head of household; and annual income.
If there are dependents in your household, you must also add each of them to perform the calculation.