PORTSMOUTH, Va. (WAVY) — Most Americans will get another deposit from the IRS in a few weeks. Congress is expected to pass the latest round of federal stimulus this Tuesday.
It means $1,400 for individuals, $2,800 for couples, and this time around, an additional $1,400 for each of your dependents.
“Dependent now will count for a household up to the age of 24,” explained Old Dominion University Professor of Economics, Robert McNab.
Just like before, you don’t have to do anything to get the money. The IRS will send out the automatic deposits or checks, however, not everyone who got the first two deposits will get this third round.
“The Senate lowered the threshold for the full payment of the stimulus check to $75,000 for a single individual or $150,000 for a married couple,” McNab said.
The bill also extends unemployment benefits that were set to run out at the end of the week.
It means $300 a week in additional money for those who’ve lost jobs due to the pandemic — people like gig workers for concerts, wedding venues, and those in the tourism industry.
“If you think about travel and tourism in Hampton Roads, we’ve seen a significant decline due to the pandemic and while there’s been a recovery we are still way below where we were last year,” said McNab.
Unemployment benefits will continue through the summer, until September 6.
Schools and local governments will also get more green and that has some seeing red as many have not spent the money from the first two rounds.
McNab said, “There is a valid critique there to say if they haven’t fully expended the funds that have already came through and you’re allowing them to expend funds for the next three years, maybe that’s really not targeted relief.”
COVID relief now adds up to $2 trillion in spending, which is all going to our national deficit. McNab describes it as a necessary evil saying eventually our children will pay for it in higher taxes, but he argues we need it right now as we wait for more people to get vaccinated.
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