Now that the $1.9 trillion COVID-19 relief package has received the final seal of approval from President Joe Biden, many are asking when they can expect to receive their $1,400 stimulus checks.
The president officially signed the relief package into law on Thursday. The funds aim to help the U.S. combat the coronavirus pandemic and help alleviate the added stress put on the nation’s economy.
White House officials announced shortly after Biden’s approval that some Americans could receive their stimulus checks as early as this weekend.
In addition to the stimulus checks, the relief package also extends $300 weekly emergency unemployment benefits into early September and will also expand tax credits over the next year for children, child care and family leave, according to a report from the Associated Press.
If you’re still unsure if you qualify to receive a stimulus check, here’s what you need to know:
- The stimulus checks will be up to $1,400 per individual and dependent.
- Single filers earning an adjusted gross income of up to $75,000, and with heads of a household earning up to $112,500, they will receive $1,400, according to a report from CNBC.
- Married couples earning up to $150,000 are eligible to receive $2,800, according to CNBC. Those taxpayers will also receive $1,400 for each dependent, CNBC reports.
- Residents must also have a Social Security Number to be eligible to receive a stimulus payment.
- The payments will also be based on 2020 AGI if a resident has already filed tax returns for last year. If not, the payments will be based on 2019 income, according to CNBC.
How will I receive my stimulus check?
- The payments will again be sent out through direct deposit, just like the other two stimulus checks. However, if the Internal Revenue Service doesn’t have your direct deposit information, you may receive your check in the mail.
- To learn more, or to track your stimulus check, visit the IRS’s website here.
The president will further discuss the COVID-19 relief package and what can be expected in this next phase of the nation’s fight against the pandemic at 7 p.m., Thursday, during his address. You can watch Biden’s speech here.