COLUMBIA, S.C. — President Biden's $1.9 trillion COVID-19 relief plan has been passed by the House of Representatives and will soon head to the president's desk.
Bill Hauk, Associate Professor of Economics at USC, says households will be getting a $1,400 check per family member in the mail in the coming weeks.
"For single individuals, people making up to $75,000 a year will be eligible," Hauk said. "Couples making up to $150,000 will be eligible for the full payment."
The third round of stimulus checks will be on their way to households across the nation after the President Biden signs the legislation. Hauk says many people will see checks in the mail or money deposited into their accounts by the end of the month.
"There's going to be a whole lot of money going into people's pockets."
To be eligible for the full $1,400, individuals must have an adjusted gross income below $75,000. Smaller amounts will be available for earners between $75,000 and $80,000. After that, it cuts off for individuals.
Married couples making up to $150,000 are eligible, with a smaller amount for couple making between $150,00-$160,000. An extra $1,400 will be available for each dependent child.
Donna Bobek Schmitt, from USC's School of Accounting, is concerned the stimulus isn't being distributed fairly. She says, "I think it is really uneven, because some people need a lot more than that and some people don't need any of it."
Schmitt says the good news is that the stimulus checks aren't taxable. "It's treated as a tax credit. Even if they don't owe any taxes, they would still get it."
The payments are based on either 2019 or 2020 income, depending on when a taxpayer filed their 2020 tax return.