United States – As part of Joe Biden’s $1.9 trillion relief program to help people and the market grow and refurbish due to the COVID-19 pandemic. On Thursday White House Press Secretary Jen Psaki announced that people could start receiving stimulus cheques or direct payments in their bank accounts as soon as this weekend, after President Biden signed the legislation of authorization of the payments earlier in the afternoon.
She also added while press briefing- “People can expect to start seeing direct deposits hits their accounts as early as this weekend”. Also, these payments are just the first wave, and they will be issued soon over the next several weeks.
Psaki said that the Treasury Department and IRS were “working hard to get relief payments out the door as fast as possible to the Americans”.
This update follows the adoption by President Joe Biden of a coronavirus recovery plan, also called the American Rescue Plan. The current legislation provides for direct payments of about $1,400 to millions of people or taxpayers.
In addition, complete audit quality has also resulted in people earning up to $75,000 and couples up to $150,000. Therefore, those with incomes above these thresholds still qualify for a smaller direct payment. But the exact eligibility criteria apply to individuals earning more than $80,000 and joint filers earning more than $160,000.
Psaki also added- it took approximately a month and a half for the IRS to issue 147 million payments of up to $600 under the relief law enacted in the last year in December.
This bill is having several benefits to offer as it involves extension of weekly federal unemployment benefits, child tax credit, vaccine distribution funding, and other measures to fight the COVID-19 pandemic.
Lastly, on Thursday Biden plans to address the nation in a primetime speech to promote the package and to look forwards to new ways or steps for tackling the public health crisis. The White House passed the bill on Wednesday, shortly after the Senate passed it.