Now that Democrats’ $1.9 trillion COVID-19 relief bill has been signed into law, the wait is on for the sweeping package’s $1,400 stimulus checks.
So when will you receive your direct payment?
White House press secretary Jen Psaki said Thursday that $1,400 stimulus checks would begin arriving within days.
“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” she told reporters during a briefing.
“This is, of course, just the first wave. But some people in the country will start seeing those direct deposits in their bank accounts this weekend, and payments to eligible Americans will continue throughout the course of the next several weeks.”
Her promise fits with a timeline for stimulus checks suggested last month by Internal Revenue Service Commissioner Charles Rettig.
Speaking before a House subcommittee on Feb. 23, Rettig talked up how quickly the IRS delivered the $600 stimulus checks, also known as economic impact payments or EIPs, that were provided by a $900 billion relief bill that then-President Donald Trump signed into law on Dec. 27.
“These payments started posting to bank accounts just two days after enactment,” Rettig said in his testimony. He said that was due to the efforts of IRS employees to monitor the relief legislation and other advanced preparation.
“They gave us the ability for a quick turnaround,” the IRS chief said.
Senate Majority Leader Chuck Schumer, the New York Democrat, said on Wednesday that eligible Americans will have their stimulus checks by March 31.
“You will receive $1,400 checks by the end of March. Help is on the way,” the New York Democrat said shortly after the House approved the American Rescue Plan Act.
Biden signed Washington’s latest big relief bill into law on Thursday, after previously planning to sign it on Friday.
There has been a change in who will get stimulus checks in the new aid package, as Biden agreed to narrower income limits. Individuals making $80,000 a year or more won’t get the direct payments, while the cutoff for joint filers will be $160,000.
Read more: Here’s who will get $1,400 stimulus checks
The $1,400 payments on top of $600 checks just a few months ago means most Americans will get a total of $2,000, an amount that Biden and other Democrats promised to deliver while campaigning.
The COVID-19 pandemic’s first “stimmy” round came about a year ago, with $1,200 checks.
U.S. stocks SPX, -0.20% mostly looked on track for losses on Friday, but remained on pace for weekly gains after the the Dow Jones Industrial Average DJIA and S&P 500 scored record closes on Thursday.
Andrew Keshner contributed to this report.
This report was first published on March 11, 2021.