Congress recently approved the third stimulus relief package, which is a part of the $1.9 trillion American Rescue Plan Act. President Biden signed off on the American Rescue Plan Act on March 11, 2021, and the first stimulus checks started rolling out the same weekend. The $1,400 stimulus checks will provide help to qualifying individuals. The checks may help them pay their bills and debts after several months of lost income due to mass layoffs during the Coronavirus pandemic. This opportunity means it’s a great time to collect past due debts, as most people are willing to pay up with this additional income boost. 

Who Qualifies for the Stimulus Check?

You must have a Social Security number and file taxes to be eligible for the stimulus payment. You must also meet certain income requirements. Individuals can’t make more than $75,000 annually. The head of the household must make less than $112,000, and married couples must earn under $150,000 each year. If a taxpayer earns more than the stipulated amount, then there is a steep cutoff and they’ll receive a significantly smaller payment. 

Individuals who didn’t file, or don’t have a bank account or home address to receive the money, are filing an EIP return to get the stimulus money loaded on a prepaid debit card. 

Will Dependents Receive a Payment?

A huge criticism of previous stimulus checks was that people who were claimed as dependents didn’t receive any money. However, this time dependents of qualifying taxpayers will also receive a check. This will be a major help for college students, elderly people, and adults with disabilities. 

When Will Stimulus Checks be Deposited?

White House Press Secretary Jen Psaki said people may start receiving direct deposits as soon as March 13. Many people have already received their money, or see a pending status in their bank accounts. Others are still waiting to see their money The IRS will send out funds through check, direct deposit, and prepaid debit cards. 

How to Track Third Stimulus Check

The “Get My Payment” Portal is a useful tool to track the status of your stimulus payment. The IRS used this tool when distributing previous stimulus checks. It has been known to glitch when too many people try to access it at the same time. However, it remains a good resource to confirm if your payment will come in the form of card, check, or direct deposit. It can also project the deposit or delivery date. 

How Much is the Third Stimulus Check?

The checks will start at $1,400 for each individual that filed taxes. Couples who jointly filed taxes may get up to $2,800 in their relief check. Every dependent claimed, including adult dependents, qualifies for an additional $1,400. 

SWR Can Collect Your Outstanding Debts

Get in touch with a Southwest Recovery agent at any one of our seven locations to start collecting outstanding debts. Our professionals know that times are hard, and they take a compassionate approach to get your money back. Our tactics are proven to be incredibly effective in collecting debts, without ruining the relationships with your customers, that you’ve worked so hard to build. We know it’s important for you to collect your money, so you don’t go into debt yourself. That’s why we approach clients with payment plan options, so you’re more likely to recover the full amount fast.