President Biden signed a $1.9 trillion COVID-19 into law Thursday , and not a minute too soon for millions of Americans hurt financially by the pandemic.
So now the question is: When will people get the $1,400 stimulus checks included in the bill?
White House press secretary Jen Psaki said Thursday that checks should begin arriving within days – and some will get their money sooner." she told reporters during a briefing. "This is, of course, just the first wave. But some people in the country will start seeing those direct deposits in their bank accounts this weekend, and payments to eligible Americans will continue throughout the course of the next several weeks."
Internal Revenue Service Commissioner Charles Rettig set out a similar timeline last month when he appeared before a House subcommittee. Rettig said the IRS delivered money quickly in the last stimulus package, which sent $600 to millions of Americans.
“These payments started posting to bank accounts just two days after enactment,” he said.
To be eligible for the full $1,400, individuals must have an adjusted gross income below $75,000 or under $150,000 for married couples, who would then receive $2,800. The payments are based on either 2019 or 2020 income, depending on when a taxpayer files their 2020 tax return.