On Thursday, President Joe Biden signed the $1.9 trillion economic relief package that includes a $1,400 direct payment for the majority of Americans.
But when are checks coming? It could start this weekend.
“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” White House Press Secretary Jen Psaki told reporters on Thursday. “This is, of course, just the first wave.” Psaki added that “payments to eligible Americans will continue throughout the course of the next several weeks.”
If the federal government can start delivering checks this weekend, it’d mark the fastest turnaround for stimulus checks. It took two weeks for $1,200 checks from the CARES Act in March 2020 to start depositing, and four days for the $600 checks in December to start going out.
As with the last two rounds, taxpayers who don’t have direct deposit set up with the IRS would instead get their money via a paper check. The White House didn’t say when those paper checks would begin going out.
The relief bill would send a $1,400 direct payment to single filers earning up to $75,000, and $2,800 to couples filing jointly with income of up to $150,000. Taxpayers who qualify get an additional $1,400 per dependent—regardless of whether the dependent is an adult or a child.
Above that income level, direct payments would be reduced and phase out altogether for individuals with incomes above $80,000, or above $160,000 for joint filers.
How is your income determined? The IRS will base your eligibility off of your adjusted gross income (AGI) found in your most recent tax filing (either 2019 or 2020).
