The Democratic-controlled House voted to approve the latest COVID relief package today, and President Biden is expected to sign the bill into law on Friday. But how soon will you receive the $1,400 checks included as part of the $1.9 trillion legislation, and what other relief is coming your way? Here’s a summary of what you can expect and when (spoiler: there’s no minimum wage hike).

A third round of stimulus checks
Checks totaling up to $1,400 will be sent to individuals making under $75,000 (or $2,800 for married couples making under $150,000). Unlike previous relief checks, dependents will receive the same amount and adult dependents can now also qualify.

However, the Senate has changed the phase-out of benefits so that they begin at a much lower threshold than previous checks. Individuals who earn more than $80,000 a year (or married couples earning more than $160,000) will be cut off completely from relief checks, regardless of how many children they have. The phaseout will be much more accelerated, too, as you’ll lose $280 for each $1,000 of your adjusted gross income exceeding the qualifying threshold amount.

When can you expect the third stimulus check?
Both President Biden and White House press secretary Jen Psaki have confirmed that the checks will be sent in March, but a specific timeline has yet to be provided. However, based on CNET’s projections, the earliest you’ll see a check will be next week, provided that you’re signed up for direct deposit with the IRS. Paper checks would be sent the week of March 24, followed by EIP cards the week of March 31.

The only caveat is that while the previous round of relief checks was sent out within days of President Trump signing off on the bill, the IRS wasn’t in the middle of the most complicated tax season in recent memory at the time. It’s not yet clear if that will complicate the delivery timeline for this round of checks.

What else is in the relief plan?
Unemployment benefits
A temporary federal top-up on the weekly unemployment benefit will remain at $300 ($400 was in the original proposal), and will be extended through September 6, 2021.

Expanded tax credits and benefits
The Child Tax Credit will increase up to $3,600 for children up to five years old, or $3,000 for children up to ages 6-17 (currently, the child tax credit is worth $2,000 per child under the age of 17). Notably, these payments would be paid out monthly, not just as credits that you would claim when filing your taxes. In addition, the Child and Dependent Tax Credit will be expanded to allow some families to claim up to half of their child care expenses.

The relief package will also enhance the Earned Income Tax Credit (EITC) for workers without children by nearly tripling the maximum credit and extending eligibility. The maximum EITC will be raised to around $1,500 for childless workers, as well.

Expanded healthcare coverage
Per the Seattle Times, the bill will cover the cost of premiums for workers trying to preserve their job-based health insurance after getting laid off, as part the COBRA program (this was actually a Senate amendment to the previous version of the bill, which only covered 85% of the costs). The bill also provides funding to subsidize COBRA coverage through the end of the fiscal year. Healthcare premium subsidies have also increased and are now easier to qualify for.

Funding for federal agencies, schools, and transportation
The package includes $350 billion for states, local, and tribal governments, as well as $130 billion for K-12 schools, and $40 billion for colleges and universities. Rental housing assistance includes $21.55 billion for emergency rental assistance, $5 billion in emergency housing vouchers, and $5 billion to assist people experiencing homelessness.

There is also $30.5 billion ear-marked for struggling public transit agencies that have faced budget gaps due to severely reduced ridership. Nutrition programs and caregiver support will receive an additional $1.4 billion, too.

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