A third round of stimulus payments is expected to be on the way later this month.
The payments are included in a sweeping $1.9 trillion Covid relief package that was approved by the Senate on Saturday and could be signed by President Biden soon after the House takes a final vote, now expected to be on Wednesday.
Roughly 90% of American households will be eligible, according to an estimate from the Penn Wharton Budget Model.
The payments are worth up to $1,400 per person, including dependents. So a couple with two children could receive up to $5,600. Unlike prior rounds, families will now receive the additional money for adult dependents over the age of 17.
The full amount goes to individuals earning less than $75,000 of adjusted gross income, heads of households (like single parents) earning less than $112,500 and married couples earning less than $150,000. But then the payments gradually phase out as income goes up.
Individuals who earn at least $80,000 a year of adjusted gross income, heads of households who earn at least $120,000 and married couples who earn at least $160,000 will be completely cut off from the third round of stimulus payments — regardless of how many children they have.
Read more about the stimulus checks here