The House passed President Joe Biden’s $1.9 trillion COVID-19 relief plan Saturday morning, and now the ball is in the Senate’s court.
And Biden said Saturday he hoped for “quick action” by the Senate when the legislation comes before it.
“We have no time to waste,” he said, according to CBS. “If we act now, decisively, quickly and boldly, we can finally get ahead of this virus. We can finally get our economy moving again. And the people of this country have suffered far too much for too long. We need to relieve that suffering. The American Rescue Plan is just that.”
Saturday’s news and Biden’s urging was, surely, music to the ears of many Americans who limped through the end of last year in desperate need of cash and an economy that could always use a boost. But the big question, now, is: just how long will it take for folks to start seeing money? And, of course, just how much money might they see?
Accoding to CBS, the Senate is “likely to take up the measure next week,” and it said there are “some wrinkles” that will need to be negotiated. The biggest of those “wrinkles” appears to be in the inclusion of a $15 minimum wage by 2025. CBS said the Senate parliamentarian ruled Thursday that cannot be included in the relief plan that comes before the Senate.
If the Senate does iron out the wrinkles, and it is expected to, CBS said the legislation could be voted on “late next week” meaning that the House would cast a final vote “over the weekend of March 6 or during the week of March 8.”
And, it said, if it is passed by March 12, “stimulus checks could begin hitting bank accounts anywhere from a few days to a week following that.”
How much money might that mean for you?
Well, the CBS report said, individuals earning up to $75,000 could see payments of $1,400. Married couples making up to $150,000 could see payments of $2,800. Folks making more than that would see declining pay outs.
So, for those struggling, hang in there. It appears we are just weeks away from more money hitting your bank account.