President Joe Biden speaks at the Eisenhower Executive Office Building in Washington, DC, on February 22, 2021, about the American rescue plan and Paycheck Protection Program (PPP) for small businesses in response to the coronavirus.
Saul Loeb | AFP | Getty Images
President Joe Biden has endorsed a plan to lower the income caps on receiving a direct payment under the $ 1.9 trillion coronavirus aid package due to be passed in the coming days, a Democratic source said Wednesday .
The exit levels for the stimulus checks worth $ 1,400 are:
- $ 75,000 income for single applicant; The limit for receiving a payment is now $ 80,000
- $ 112,500 for Heads of Household; The cap is now $ 120,000
- $ 150,000 for shared filers; now limited to $ 160,000
The structure would lower the House-approved ceilings on direct payments income. According to the lower chamber’s bill, individuals earning up to $ 100,000 (and joint applicants earning up to $ 200,000) would have received some amount.
The changes come from moderate Senate Democrats calling for the scope of controls included in the legislation to be reduced. In order to pass the auxiliary law as part of the budget vote, the party leaders must not lose a single vote among the 50 members of the caucus.
Disagreements within the party could have threatened Democrats’ plans to get the bill through the Senate and to Biden’s desk by the weekend before the unemployment benefit programs expire on March 14.
The Senate plan provides that the same unemployment insurance surcharge passed by the House will be retained. Until August 29th, unemployment benefits of $ 400 per week would be added.
The White House did not immediately respond to a request for comment.
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– CNBC’s Thomas Franck contributed to this report
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