BOSTON — The clock is ticking for the Senate to pass the latest stimulus package promising a $1,400 check to eligible Americans.
But the bill still has to clear a couple of more hurdles before those checks are deposited into your account.
“All that said and done, I think we will probably see $1,400 dollar checks earning 75,000 or less,” said Jim Lowell who runs Adviser Investments in Newton.
A couple earning $150,000 combined is also eligible.
How soon could that happen? “It could pass as early as this week,” says Lowell.
Once it gets through the Senate, it goes back to the House for a vote. If it passes, it then to the President’s desk for a signature.
Here’s a possible timeline according to CNET:
Stimulus check passes Congress: Friday, March 12
Stimulus bill signed into law: Sunday, March 14
First direct deposit check sent: Week of March 22
First paper checks sent: Week of March 29
That said, Lowell says try not to spend it.
“I would do nothing with it other than to save it if you have to pay down some mission critical debt, OK, do that,” he said.
Part of the proposed stimulus package includes an increase in unemployment from $300 to $400 dollars a week.
Lowell believes this will pass because it’s needed to keep the economy afloat. “You go big or you go home when it comes to this kind of pandemic crisis,” he said.
Download the free Boston 25 News app for up-to-the-minute push alerts