That means 7 million fewer families will receive a partial payment than would have under the House version of the bill, according to an estimate from the Penn Wharton Budget Model. The new proposal will completely cut off those who earn more than $160,000 a year and individuals who earn more than $80,000 a year.
But the same households will receive the full payment of $1,400 per person, including children. Individuals earning less than $75,000 and couples earning less than $150,000 will — just as in the House bill. Then, the payments will phase out faster for those earning more.
Unlike the previous two rounds, adult dependents — including college students — are expected to be eligible for the payments.
The federal government sent payments worth up to $1,200 per person last year and up to $600 in January. The next round is intended to top off the $600 checks so that individuals receive a total of $2,000.
Senate Democratic leaders are set to move the bill forward this week but are continuing to finalize the text. With a 50-50 party split, they will need the support of the entire caucus.
This story has been updated with additional developments Wednesday.