WASHINGTON – Americans will start to receive coronavirus relief checks of up to $1,400 in a matter of days.
White House press secretary Jen Psaki said Thursday the first checks will land in bank accounts via direct deposit by this weekend.
“This, of course, is just the first wave,” she said.
Payments to eligible Americans will continue over the next several weeks, she said.
The checks are part of President Joe Biden’s $1.9 trillion American Rescue Plan, the first major initiative of his presidency. Biden signed the bill into law on Thursday.
Later Thursday, Biden will deliver a prime-time address to the nation, the first step in an extensive outreach campaign explaining the massive spending package.
Under the new law, individuals with an adjusted gross income of $80,000 or less ($160,000 for joint filers) are eligible for a one-time payment of up to $1,400, plus an additional $1,400 for each dependent child. The payments start to phase out for individuals earning $75,000 and will cut off completely for anyone who makes more than $80,000.
For couples filing jointly, the phaseout starts for those making $150,000 and cuts off at $160,000. For those filing as head of household, the phaseout begins at $112,500 and cuts off at $120,000.
Most Americans will receive the payments via direct deposit.
The Internal Revenue Service will use tax returns on file to calculate how much money people will get. If recipients have already filed a return for 2020, their check will be based on their income from last year. If not, their 2019 returns will probably be used to determine how much they’ll get.
Michael Collins covers the White House. Reach him on Twitter @mcollinsNEWS.