This is something to celebrate. Badly needed help is on the way to millions of people in the U.S. Some numbers:

  • $1,400 direct payments will go out to single filers who earned less than $75,000, heads of household who earned less than $112,500, and couples filing jointly who earned less than $150,000. Payments will phase out above those levels.
  • Taxpayers will also get $1,400 for their dependents, including older teenagers who were excluded from previous rounds of relief.
  • 11.4 million people will continue getting unemployment benefits rather than seeing them expire in the coming weeks
  • 18 million unemployed people will get $300 a week as a supplement to their state’s regular benefits
  • Nearly 10 million children will be lifted up to the poverty level or above. That cuts child poverty by 45% and poverty among Black children by 50%.
  • 40 million people received unemployment insurance in 2020; $10,200 of benefits will be exempted from taxation, preventing surprise tax bills to people already struggling
  • Eligibility for the earned income tax credit will expand, and its top amount will nearly triple.
  • The child and dependent care tax credit will more than triple.

A very important note: If you would not qualify for the $1,400 payment on the basis of your 2019 tax returns but you would qualify based on your 2020 returns, file your taxes now!

On Thursday evening, Biden will give a prime-time address to the nation, marking a year since widespread shutdowns due to the coronavirus pandemic.

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