Stimulus checks coming ‘as early as this weekend’

The third round of stimulus checks will hit some bank accounts as early as this weekend, giving millions a needed financial boost.

President Joe Biden signed his signature COVID-19 relief bill into law Thursday, a day after the U.S. House of Representatives passed the $1.9 trillion package. As a result, millions of U.S. households will receive another direct check from the federal government.

“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” said White House press secretary Jen Psaki.

According to an analysis by the Tax Foundation, an estimated 89 percent of taxpayers will qualify for the third round of stimulus checks.

With the bill signed, the Internal Revenue Service will begin sending payments to eligible taxpayers. Here’s what you need to know:

How much is the stimulus check worth? Who qualifies?

The bill calls for $1,400 stimulus checks for individuals earning up to $75,000. Married couples filing jointly with an adjusted gross income of under $150,000 can receive $2,800.

Households will receive an additional $1,400 for each dependent claimed on their federal return. This might include high school students 17 or older, college students, elderly adults and disabled adults.

So, for example, a couple with two children could receive up to $5,600, depending on their income.

In the previous two rounds of COVID-19 stimulus relief, parents could get payment only for dependents who were 16 or younger.

When will I see my check?

Biden signed the bill on Thursday, and stimulus payments could be issued within days of his signature.

In the previous stimulus package signed into law by then-President Donald Trump, the IRS issued the second round of checks within a few days after the legislation was signed in late December.

“This plan will get checks out the door, starting this month, to the American people who so desperately need the help, many of whom are lying in bed at night, staring at the ceiling, wondering, ‘Will I lose my job, if I haven’t already? Will I lose my insurance? Will I lose my home?’” Biden said.

How will I get my check?

Taxpayers who have direct deposit set up with the IRS are likely to see the checks first because the U.S. government already has their bank information on file. The money would be directly deposited to their accounts. Others may receive a paper check or prepaid debit card via mail.

The money will be issued to the taxpayer, not the dependent.

Similar to the previous two stimulus checks, taxpayers can track the status of their payments with the IRS Get My Payment online portal — irs.gov/coronavirus/get-my-payment.

Biden’s name will not appear on this round of stimulus checks.

“We are doing everything in our power to expedite the payments and not delay them, which is why the President’s name will not appear on the memo line of this round of stimulus checks. The checks will be signed by a career official at the Bureau of Fiscal Service,” Psaki told reporters Tuesday.

Contact Jonathan Ng at jng@reviewjournal.com. Follow @ByJonathanNg on Twitter.