AMERICANS could get their $1,400 stimulus checks as soon as this coming week, with some experts saying they likely believe this may be the last paycheck Americans see because of the pandemic.
After President Joe Biden signed into law his $1.9 trillion economic stimulus package, qualifying individuals could expect see one-time payments of up to $1,400 coming their way.
Americans can expect the latest $1,400 stimulus checks as early as this weekCredit: Getty Images – Getty
Biden signed the bill into law on ThursdayCredit: AFP or licensors
The package is set to provide about 85 percent of American households with the $1,400 payments, the president said.
“This legislation is about giving the backbone of this nation—the essential workers, the working people who built this country, the people who keep this country going—a fighting chance,” Biden said after signing it into law.
This will be the third stimulus check issued by the federal government since the start of the pandemic: an original $1,200 stimulus check was passed last March as the country began entering quarantine. A second $600 check was released in December.
However, since this new stimulus payment was created through the budget reconciliation process, experts believe it may very well be the last stimulus payment Americans receive due to the pandemic.
The Biden Administration said 85 percent of households would be receiving the checkCredit: AFP or licensors
“People can expect to start seeing direct deposits hit their back accounts as early as this weekend,” Psaki said after Biden signed the legislation.
After the IRS and Treasury Department send out direct deposits, many can soon start to see the funds in their mail come next week.
“Payments to eligible Americans will continue throughout the course of the next several weeks,” Psaki added.
After the first wave of direct deposits expected to be released as early as this weekend, Americans who have not yet enrolled in direct deposit can begin to receive either checks or debit cards.
The IRS said on Wednesday it was reviewing new “implementation plans” for the new stimulus check rollout, and would be sharing the additional information in the coming days.
After the IRS finalizes the plans, Americans would be able to visit the Get My Payment tool on the IRS to check if they qualify for the $1,400 payment and in what form, and when, would they expect to receive their payment.