Just minutes after President Biden signed the $1.9 trillion COVID relief package into law on Thursday, the White House indicated that stimulus checks could reach Americans as soon as this weekend.
“Since the Department of Treasury and the IRS are working hard to get relief payments out the door as fast as possible to the American people, people can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” White House press secretary Jen Psaki said.
“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.”
Eligibility for the third stimulus checks will be based upon Americans’ most recent tax filings, whether from 2019 or 2020. A check for $1,400 will go to individuals making $75,000 or less, married couples making $150,000 or less and heads of households bringing home $112,500 or less. The amount will be reduced for individuals that made between $75,000 and $80,000, married couples that earned between $150,000 to $160,000 and heads of household that made between $112,500 and $120,000. Americans whose adjusted gross income surpasses those thresholds will not receive a check.