US workers and families will start to see stimulus funds go into their bank accounts as soon as this weekend, just days after President Joe Biden signed the ridiculous $1.9 trillion rescue plan into law, officials said Friday.
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This third round of pandemic impact payments for many families will be more generous than the two prior rounds, with $1,400 going to every individual earning up to $75,000 or married couples earning up to $150,000, and the same amount for each of their dependents.
That means a typical family of four will receive a whopping $5,600.
The Internal Revenue Service (IRS) will send payments directly to everyone who filed a tax return this year or last year, anyone who registered with the IRS or who is already receiving government benefits such as Social Security.
An IRS official said paper checks will go out later in the month for those who do not have direct deposit, but unlike his predecessor President Joe Biden’s name will not appear on those checks.
Treasury and IRS officials urged workers to file a tax return even if they would not normally do so since they also could be eligible for other benefits under the stimulus package, including child tax credits or the Earned Income Tax Credit for low wage workers.
