• Americans will likely receive $1,400 checks in February
  • The new round of payments will include dependents over the age of 17
  • College students will likely receive $1,400 payments

Millions of Americans may receive a third round of stimulus checks worth $1,400 by late February, according to a political economist. 

President-elect Joe Biden on Thursday revealed a $1.9 trillion coronavirus relief bill that includes federal aid to small businesses, funding for COVID-19 testing and vaccine development and distribution, and $1,400 direct payments. 

While there is no guarantee that Biden’s proposal will be approved, the president-elect is hoping to get agreement from both Democrats and Republicans. 

“Unity is not some pie-in-the-sky dream. It’s a practical step to get any of the things we have to get done as a country, get done together,” Biden said during an evening speech in Wilmington, Delaware. 

“I’m convinced we are ready to get this done. The very health of our nation is at stake. We have to act, and we have to act now,” he added. 

Alec Philipps, chief U.S. political economist with Goldman Sachs, said he believes the $1,400 checks could arrive in bank accounts by late February, assuming Congress passes the bill by mid-February. 

However, if lawmakers pass the package by the end of March, millions of Americans may have to wait until early April to get their stimulus payments. 

The new round of payment will top off the previously passed $600 stimulus checks that the Treasury Department and IRS distributed in December. 

Under Biden’s $1.9 trillion proposal, individuals would receive $1,400. The same amount would also apply to all dependents, including college students, disabled adults and other dependents over the age of 17. 

If Biden’s proposal follows that of the Democrats’ $2,000 stimulus plan in December, the payments would reduce gradually for individuals earning $75,000 and married couples earning $150,000. The checks would likely phase out for individuals earning $150,000 and over and married couples earning $250,000 and over. 

President-elect Joe Biden’s $1.9 trillion rescue package also includes provisions for the $400 weekly federal unemployment benefits, an expansion of child-tax credit, assistance to state, local and tribal government and a $15 minimum wage. 

The package also includes funds to boost food stamps and an extension to the paid leave program through September.  US President-elect Joe Biden has promised a calmer leadership US President-elect Joe Biden has promised a calmer leadership Photo: AFP / JIM WATSON