With the House and Senate both approving the $1.9 trillion coronavirus relief bill and President Joe Biden signing it into law Thursday afternoon, Americans will soon be receiving long-awaited $1,400 stimulus checks.
Relief payments from the American Rescue Plan Act will start being sent out within days, Press Secretary Jen Psaki said Thursday. Some Americans could receive the money as early as this weekend, she added.
The first people to receive the checks are likely those who have direct deposit set up with the IRS. That’s because the government already has their account information on file and doesn’t need to go through the process of printing, sorting and mailing physical checks or pre-paid debit cards.
Americans who don’t have direct deposit will have to wait for the payments to be produced and sent, a process that can be time consuming.
Other issues have cropped up in the past, too. The last round of checks saw taxpayers complaining that payments had been deposited into the wrong bank accounts, which resulted in a delay in receiving the funds.
To be eligible for the full $1,400, individuals must have an adjusted gross income (AGI) below $75,000. Married couples filing jointly must have an AGI under $150,000 to receive the full $2,800.
The payments are based on either 2019 or 2020 income, depending on when a taxpayer files their 2020 tax return.
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Source: CNBC
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