Regarding the corona virus relief deal, President-elect Joe Biden told reporters “The stimulus package is encouraging but it’s a down payment, an important down payment on what’s going to have to be done beginning the end of January into February, but it’s very important it get done.”

Based on this comment made on Wednesday December 16, 2020 in Wilmington, Delaware, residents of the Capital Region and around the United States will not only know they are getting a third stimulus payment but we should know how much and we should know relatively soon. Right? The real answer is that we will have to wait and see.

In April of 2020 most Americans started to receive their first $1200 in stimulus payments as part of the CARES Act. Up next, the $900 billion stimulus bill featuring $600 stimulus payments to most Americans by January 15th. According to cnet.com if you don't receive your full second stimulus payment by then, you will need to claim all or part of the missing amount when you file your federal tax returns in 2021. You'll also be able to claim any money the IRS still owes you from the first round of checks.

So what about this 3rd potential stimulus payment? President Donald Trump pushed for $2,000 payments as 2020 came to a close. The prospect was blocked in the Senate, making another payment highly unlikely during Trump’s term.

Now we look to Joe Biden and based on what he’s said over the last few weeks, it looks likely there will be additional discussions about a third stimulus check. The amount? We will have to wait and see.

 

 

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