Among its most discussed provisions is a 3rd round of stimulus checks, this time in the amount of up to $1,400 for individuals and up to $2,800 for married couples.
Here's who qualifies for this round of checks, how to figure out how much you might get, and when they might arrive.
Democrats had reportedly been considering lowering the eligibility of payments to individuals earning up to $50,000 instead of $75,000 as in previous rounds of payment distributions, and married couples earning up to $100,000 instead of $150,000. Instead, on Monday, they released details revealing the thresholds would remain the same as they were in the 1st and 2nd rounds of checks.
The payments phase out between $75,000 and $103,000 for individuals and between $150,00 and $206,000 for couples filing jointly. Heads of households will get the full amount if they earned up to $112,500, with phaseouts depending on their number of dependents. Stimulus for a household with a single parent and 1 dependent would phase out at $168,500, for example.
Although a previous relief proposal included limits to how much stimulus a family could get, there is no limit to the number of dependents one can claim in this round. Households can get $1,400 per dependent. Adult dependents, such as college students or elderly adults who rely on your support, who had previously been excluded from receiving checks, are eligible this time around as well.
This means that if the bill gets passed, households stand to qualify for much more money than they did in the past.
Use the calculator below to calculate how much stimulus money you could be eligible for.
It is as yet unclear when people can start expecting their checks to arrive, as the bill still needs to be passed and signed into law. Policymakers are aiming to pass the latest stimulus before March 14, which is when enhanced federal unemployment benefits are set to expire.
More from Grow: