By a vote of 220 to 211 today, the House passed the Senate-amended version of the $1.9 trillion COVID-19 relief bill. The bill now goes to President Biden for signature. Among other things, the bill includes another round of $1,400 economic impact payments that will be paid to an estimated 125 million taxpayers who meet eligibility criteria.
This is the third round of EIPs that have been distributed since the coronavirus began. Banks facilitated the processing of roughly 161.9 million payments in the first round and more than 147 million in the second round. While the bill did not include language explicitly exempting third-round EIPs from assignment and garnishment, the American Bankers Association this week joined a coalition of finance and consumer groups in urging Congress to take immediate action to do so.
In addition to EIPs, the bill also includes additional unemployment benefits and tax relief for out-of-work employees, along with additional aid for state and local governments.