FLORIDA, USA — Another round of stimulus checks is on the way, but fewer people will get them.
The checks could be sent out sometime this month but an exact date is unknown.
Sean Davis, associate professor of finance at the University of North Florida says the upcoming checks are one of the signs of a good economy during the pandemic.
" I think this stimulus is really targeted for and designed for people who need the money," Davis said.
"[Stimulus checks have] kind of kept the market going and growing in ways that it would not have been otherwise," Davis said.
The stimulus checks, part of a $1.9 trillion COVID-19 relief bill, will distribute checks to fewer Americans than the previous two checks.
Single persons who made up to $75,000 last year will earn a $1,400 check and couples who jointly made $150,000 will receive $2,800, plus an additional $1,400 for each dependent, which includes adult dependents like college students or disabled persons.
There is still fierce debate in the US Senate on what to do with everyone else.
Individuals who make more than $75,000 will receive a partial payment, but the income limit is capped at $80,000 while the income limit for families is capped at $160,000.
It's unclear how much money will be in the partial payment.
“Hopefully for folks that are just a little bit above 75,000 they'll get something,” Davis says.
Stimulus checks also have no impact on income taxes filed for 2020, says the IRS in a letter sent to Americans over the past several weeks.
The stimulus check is a one-time, untaxed payment to Americans, Davis says.
"The government has decided to kind of do an all-in check, don't worry about paying us taxes on it," Davis adds.