President Joe Biden on Thursday signed the $1.9 trillion COVID relief bill, just days before key federal unemployment benefits start to expire for many workers on March 14.
The bill would send $1,400 stimulus relief payments to individuals making $75,000 or less and to couples earning up to $150,000. Partial payments will only go to individuals making less than $80,000 and couples making less than $160,000. That means many who qualified for earlier rounds of relief payments won't be receiving one this time around.
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Updates on how to receive your COVID relief payment will be on the IRS.gov website here.
The bill also includes a child tax credit that gives some families $3,000 per child per year.
The measure would increase the amount of the child tax credit to $3,600 per child under 6 and $3,000 per child between the ages of 6 and 18. That is up from a maximum benefit of $2,000 under the current policy. It also expands the ages of children eligible, which was previously capped at age 17. The benefits begin to phase out for heads of household making more than $112,500 annually or couples earning more than $150,000 a year
The legislation also sends $350 billion to state, local and tribal governments, $50 billion for contact tracing, $16 billion for vaccine distribution, $130 billion for K-12 education, funds for rental and mortgage assistance, support for restaurants and bars, funding for nutrition programs and more.
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