Stimulus check update: Biden signs coronavirus relief bill, clearing way for $1,400 payments
By Jonathan D. Salant | NJ Advance Media for NJ.com
President Joe Biden on Thursday signed into law a massive $1.9 trillion coronavirus stimulus bill providing $1,400 checks, expanded unemployment insurance benefits and increased tax credits designed to lift millions out of poverty.
Biden’s action came on the first anniversary of the World Health Organization declaring the coronavirus a worldwide pandemic. With Vice President Kamala Harris standing next to him, Biden said the legislation would give Americans “a fighting chance” and had overwhelming support from the public.
He said “this historical legislation” was “about rebuilding the backbone of this country.
Biden originally said he would sign his first major legislative initiative on Friday but moved up the date after Congress sent him the legislation, which passed with no Republican votes in either the House or Senate, on Wednesday.
Biden is to address the nation Thursday evening in his first primetime speech as president.
The centerpiece of the legislation was another round of direct payments. The $1,400 checks would go to individuals making up to $75,000 and $2,800 to couples filing jointly making up to $150,000. They would phase out and end for individuals making more than $80,000 and couples making more than $160,000.
Combined with the $600 checks included in the stimulus bill passed in December, the latest round fulfills Biden’s pledge of providing $2,000 payments to most Americans.
The bill also provides an extra $300 a week in unemployment payments through Sept. 6, and those making less than $150,000 would not have to pay federal income taxes on the first $10,200 of unemployment benefits for individuals and $20,400 for married couples. New Jersey does not tax unemployment insurance benefits.
Expanded tax credits for lower-income households with or without children would lift an estimated 16 million Americans out of poverty, according to the Urban Institute, a research group.
The expanded child tax credit alone would bring more than 4 million children out of poverty, including 89,000 in New Jersey, according to the Center on Budget and Policy Priorities, a progressive research group.
READ MORE: Stimulus check update: Biden signs coronavirus relief bill, clearing way for $1,400 payments
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Posted By: Dea. Ron Gray Sr.
Thursday, March 11th 2021 at 3:17PM
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