The House on Wednesday gave final approval of a massive $1.9 trillion coronavirus relief package. On Thursday, President Joe Biden signed the bill into law, a day earlier than expected.
That comes as Maine and the nation mark the anniversary of the pandemic and the start of restrictions meant to curb virus transmission.
Among its provisions is a third round of direct payments to Americans. The stimulus payments have been a very popular provision of previous stimulus bills, and have been cast as a lifeline for people struggling to stay afloat amid the economic slowdown that followed state efforts to control the pandemic.
Here’s what you can expect before those payments come through.
When will the checks come?
Biden told reporters over the weekend that the checks will go out this month, and for some, the checks could arrive in their bank accounts next week, according to CNBC.
How much will I get?
That depends on a few factors. For single tax filers, you will get $1,400 if you earn less than $75,000 a year in gross income. Heads of households who earn less than $112,500 also will get a $1,400 check. That amount is larger for married couples earning less than $150,000 jointly. They can expect a $2,800 check.
The bill also provides $1,400 payments for dependents.
This latest round of stimulus payments includes income thresholds. So the size of your stimulus check will lessen if you earn more than the above income levels before being cut off for single filers earning more than $80,000, heads of households earning more than $120,000 and married couples earning more than $160,000.
How will that be determined?
That will be based on 2020 tax returns for those who have filed them. If you haven’t filed your taxes, the government will use information on file from your 2019 return.
How will the check arrive?
Like with previous stimulus payments, the checks will be direct deposited if you supplied that information when filing your 2020 taxes. If you haven’t yet, don’t worry. That direct deposit information is still on hand from when you filed your 2019 taxes.
Otherwise, you will likely receive a paper check or prepaid debit card in the mail, according to CNN.