The third round of the stimulus package, worth up to $1,400 per capita, may soon be in place. The bailout is part of President Joe Biden's proposed $1.9 trillion stimulus package and follows the $600 checks that millions of Americans received late last year.

Another bailout bill could also make direct payments possible. While the President has requested a check for $1,400, a new Republican proposal would provide $1,000 to every eligible taxpayer. Another Democratic proposal still supports a $1,400 check, but with a lower income threshold. Another proposal would provide monthly payments to those with young dependents.

In any case, until a concrete agreement is reached, it is unclear what the amount of the third stimulus check and the income limit will be, and what additional assistance the third stimulus check will be set with.

So what will happen to the renewal of the third stimulus package? As it stands, the proposed third stimulus package amounts to $1,400, which, when combined with the existing $600 check, would provide $2,000 to all eligible Americans.

Eligibility guidelines for the third stimulus package are likely to be a bit more generous than those for the first and second stimulus packages:

According to the most recent tax returns, those with annual incomes up to $75,000 will still be eligible to receive the full amount. For married couples filing jointly, if the couple's combined income is $150,000 or less, they will receive the full amount.

However, dependent children up to age 23 and elderly parents supporting adult children are also eligible to receive the full amount.

Below is everything we know about the third stimulus package, including new details about the third stimulus package.

The third stimulus check is supported by President Joe Biden. The 46th president, who has Democratic majorities in both chambers of Congress, said in a speech last month that sending more relief money will be an early priority for his administration as the pandemic continues to take hold.

"We will finish the job of getting a total of $2,000 in cash relief to those who need it most," Biden said last week when announcing the $1.9 trillion relief plan. The $600 already appropriated simply won't be enough."

The president will meet with Senate Republicans this week in an effort to compromise the bailout bill. A coalition of 10 Republican senators is demanding a check for $1,000 as part of the $618 billion package. It will be interesting to see how the two parties compromise.

As it stands, the gist of Biden's bailout bill is to provide aid to small businesses, restore federal subsidies to those receiving state unemployment benefits, and fund agencies on the front lines of the coronavirus fight.

The plan also includes $300 billion in federal unemployment subsidies and $300 billion in small business assistance, including Paycheck Protection Program loans. Which of Biden's proposals will ultimately make the cut will become clear during negotiations.

Meanwhile, most eligible taxpayers should have already received their second stimulus checks; January 15 was the last day that the IRS had to mail or deposit payments.

If you have not received your check, you may have to claim it on your next tax return using the recovery rebate deduction; you can check the status of your second stimulus check using the Get My Payment tool on IRS.gov.

As the Covid-19 vaccine continues to be distributed, the contract also includes funding for the distribution of the Pfizer and Moderna vaccines. The government hopes that all Americans who wish to be vaccinated will be able to do so by the summer of 2021.

The timeline for the third stimulus package will begin to take shape once the bill for Joe Biden's proposed bailout plan is introduced in Congress. The President is currently working with congressional leaders to reach a compromise.

In a best-case scenario, the House and Senate would quickly pass the bill with little negotiation, and the President could sign it soon thereafter. However, it is more likely that lawmakers will spend more time debating the cost and allocation of the bailout bill.

Will the talks face the same procrastination tactics and about-face as they did with the second stimulus package? The answer is no, because Democratic leaders in Congress are unanimous in their support for a new stimulus package. However, unless Democrats use a special legislative shortcut, the bailout bill will need the support of at least 10 Republican senators to avoid a filibuster to stop the bill.

A third stimulus check is worth $1,400 to Americans earning less than $75,000 a year. When President Joe Biden proposed the third round of payments, he said they would supplement the $600 payments that began late last year.

Those who qualify for the first and second rounds of stimulus probably also qualify for the third round.

For the first two stimulus packages, those with annual income of $75,000 or less on their most recent tax return were eligible to receive the full stimulus check. Joint filers with annual incomes up to $150,000 were also eligible to receive the full amount.

Those with incomes above these amounts received a prorated amount that was reduced by $5 for every $100 of income above the threshold amount.

Because the first two bills provided different amounts, the income cutoff that was not paid at all was $99,000 for single filers on the first check, but only $87,000 on the second check. For joint filers, the figure was twice that amount.

If the same formula were to be applied to Biden's proposed $1,400 check, the income limits for receiving the check would rise to $103,000 for single filers and $206,000 for joint filers.

Biden also proposes that dependents up to age 23 and older parents living with adult children would also be eligible for an additional $1,400. This means that most Americans who are dependents of someone earning up to $75,000 would qualify for a third stimulus payment.

The third stimulus check calculator will help you know how much you will receive as you examine your personal finances in the coming months. You may also want to read about the best ways to spend your stimulus check if you haven't already planned your payments.

Forbes has created a third stimulus check calculator to help you calculate the amount of your third stimulus check.

How it works: go to: 29] and fill out a short survey. Enter your tax filing method (single/co-worker), number of children, and adjusted gross income (AGI) for 2019.

Although the pace of unemployment has slowed, a record number of people have filed for unemployment since the pandemic began; as reported by Fox Business, nearly 70 million Americans, or about 40% of the labor force, filed for unemployment benefits during the pandemic.

A second wave of closings and forced business shutdowns could result in even more people being laid off. Financial technology firm Simplywise reported that 63% of Americans would need a stimulus check if they expected to pay all their bills.