The first wave of $1,400 stimulus checks will start being distributed as soon as this weekend, according to White House Press Secretary Jen Psaki.
President Joe Biden signed the $1.9 trillion American Rescue Plan, Thursday, and with that, the IRS and U.S. Department of the Treasury will start distributing payments to those who set up direct deposits when the first $1,200 stimulus checks went out in March of 2020. As of this writing, it has not been disclosed when physical checks will be mailed out to Americans.
“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” Pskai said. “This is of course just the first wave…and payments to eligible Americans will continue throughout the course of the next several weeks.”
Americans who earned $75,000 or less in the last filed tax season will be getting the full $1,400 payment. Couples who file joint income taxes and earned $150,000 or less will be getting $2,800, and an additional $2,400 per dependent.
From there, the checks will then be reduced with higher income earners.
For every $1,000 earned above $75,000, $280 will be reduced, meaning those who make $80,000 or more will not be receiving a check.
We’re working hard to help relieve suffering happening across the economy right now. Part of that is getting direct payments out as soon as this weekend. https://t.co/5jKnB5Plh2
— Treasury Department (@USTreasury) March 12, 2021
This will be the third relief payment given out by the federal government since the pandemic, the first being a $1,200 after the Cares Act was passed, and the second being a $600 payment that started being distributed at the end of December, 2020.
Those seeking a status on their relief check can do so on the “Get my Payment,” section of the IRS website.