Here's When the Latest Round of Relief Checks Will Start Hitting Americans' Bank Accounts
President Joe Biden has signed the $1.9 trillion coronavirus relief package after it cleared the Democrat-majority House on Wednesday, and direct relief payments will start going out to Americans in the coming days and weeks.
The partisan bill contains bailouts for Democrat-run states and at one point came close to raising the national minimum wage to $15 an hour. Democrats put their differences aside and passed the bill and Biden signed it Thursday afternoon at the White House.
“This historic legislation is about rebuilding the backbone of this country,” Biden said before signing it. “And giving people in this nation, working people and middle-class folks, the people who built this country, a fighting chance.”
Republicans opposed the bill over its hefty price tag and its numerous radical provisions. The bill did not receive a single Republican vote in either the House or the Senate, Fox News reported.
Senate Minority Leader Mitch McConnell had slammed the bill on Wednesday.
“President Biden’s spending bill is a classic example of big Democratic overreach in the name of COVID relief. It manages to spend only ~1% on vaccinations and less than 9% on the entire health fight,” he wrote on Twitter. “This is by far one of the worst pieces of legislation I’ve seen in the Senate.”
President Biden’s spending bill is a classic example of big Democratic overreach in the name of COVID relief. It manages to spend only ~1% on vaccinations and less than 9% on the entire health fight.
This is by far one of the worst pieces of legislation I’ve seen in the Senate. pic.twitter.com/lhU3wPm2kI
— Leader McConnell (@LeaderMcConnell) March 10, 2021
But the bill is now law and will offer millions of Americans a third round of direct payments.
Those payments fell short of the $2,000 checks that Biden and Democrats promised prior to the election. Payments for qualified individuals will be $1,400 per adult and $1,400 per child in homes with up to two children.
For example, a qualified family with at least two children will receive up to $5,600.
Individuals who make $80,000 or more annually do not qualify for this round of direct payments, nor do heads of households who make $120,000 per year.
Married couples who collectively earn $160,000 or more a year will also not receive a payment when checks start going out, CNN reported.
The IRS will determine eligibility based on an individual or family’s adjusted gross income from their most recent filing recent tax filing, which would be 2019 for some Americans while the agency will use 2020 documents for others.
For those who do qualify, the White House said Thursday that some Americans might start receiving their checks immediately while others will receive them in the coming days and weeks.
“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” White House press secretary Jen Psaki said Thursday, Fortune reported.
“This is, of course, just the first wave.” Psaki continued, adding that “payments to eligible Americans will continue throughout the course of the next several weeks.”
Electronic payments will begin going out right away while paper checks should take several more weeks to be delivered to mailboxes.
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