You Might Get Your Stimulus Money Deposited This Weekend
President Joe Biden signed the American Rescue Plan (COVID-19 relief package) into law on Thursday.
The Biden administration said previously that stimulus checks would probably arrive by month's end; however, press secretary Jen Psaki said checks could be direct deposited into some American's bank accounts as early as this weekend.
Now, certainly, you will not receive a paper check in the mail this weekend, but folks who have their bank account information on file with IRS (direct deposit from tax return) might see their stimulus money this weekend.
Qualifying Americans (approximately 90% of the country) will receive $1400 including dependants over 17 (this was not the case for the first two stimulus programs).
So, married couples with two children would receive $5600, for example.
The checks will phase out for Americans making more than $75,000, with a hard cut-off at $80,000 for individuals and $160,000 for married couples. According to the U.S. Census Bureau, the median household income was $68,703 in 2019 -masslive.com
Stimulus funds will be released via direct deposit first, then paper checks, and debit cards will be mailed.
Unlike former President Trump, Biden's signature will not be on the physical paper checks.
Besides direct payments to most Americans, also included in the bill was funding for schools, to bolster vaccine setup, extending unemployment benefits, and increasing the child tax credit to $3000 per child.
President Biden addressed the nation Thursday night and said that all Americans will be eligible for vaccination by May 1.
Biden implored that we continue to mask up and distance to beat the virus, and that some sort of normality could be achieved by July 4 if all goes well.