Another stimulus check is finally on the way. President Joe Biden signed the American Rescue Plan into law on Thursday, March 11, meaning help is on the way for millions of Americans. But you may still be wondering: When will I get the $1,400 stimulus check? Time to check your bank account, because several citizens have already gotten a direct deposit.
The good news is that you won't have to wait long. Some Americans received their checks as early as this weekend, and many more will receive money before the official payment date of Wednesday, March 17. “Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week,” the IRS said in a statement on Friday.
In the meantime, you can use the "Get My Payment" tool on IRS.gov to check the status of your stimulus check, which is based on your latest processed tax return (either from 2020 or 2019). The third payment totals $1,400 for a single individual, or $2,800 for a married couple, with an additional $1,400 added for each dependent. People who make more than $80,000 and couples with a combined income of more than $160,000 won't be eligible for stimulus checks. According to Biden, though, 85% of American households qualify based on this criteria.
The first two checks ($1,200 payments approved in March 2020 and $600 payments approved in January 2020) only offered additional money for dependent children ages 16 and younger, but this payment offers $1,400 to any eligible dependents: Kids, college students, people with disabilities, and older relatives. And while many mixed-status families (in which least one person isn't a US citizen) were left out of the first two checks, the third payment is available to eligible families where at least one member has a Social Security number.
The latest payment aims to provide more much-needed support to families hit hard by the coronavirus pandemic, and while signing the COVID relief package into law on March 11, Biden promised Americans relief is on the way. "This historic legislation is about rebuilding the backbone of this country," he said. "And giving people in this nation, working people, middle-class folks, the people who built this country, a fighting chance."
So, if you haven't gotten your $1,400 yet, keep checking over the coming days, because you can expect it to appear in your bank account before or on Wednesday, March 17.