First round will hit bank accounts this weekend

WASHINGTON – The newest batch of Coronavirus discharge exams will arrive in a few days.

The first checks for up to $ 1,400 will be deposited into bank accounts via direct deposit this weekend, White House press secretary Jen Psaki said Thursday.

“This is only the first wave, of course,” said Psaki.

Payments to eligible Americans will continue for 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.

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Biden will deliver one later on Thursday Prime time address for the nation the first step in a major 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 applicants) are entitled to a one-time payment of up to $ 1,400 plus $ 1,400 for each dependent child. Payments for anyone earning $ 75,000 will expire and will be completely suspended for anyone earning more than $ 80,000.

For couples filing together, the exit starts at $ 150,000 for those earning $ 150,000 and ends at $ 160,000. For those filing as Head of Household, the exit starts at $ 112,500 and ends at $ 120,000.

Most Americans receive payments by direct deposit. Those who don’t will be given a debit card or check that takes longer to distribute.

The Internal Revenue Service uses the tax returns on file to calculate how much money people receive. If recipients have already submitted feedback for 2020, their check will be based on their earnings from last year. If not, their returns for 2019 will likely be used to determine how much they will get.

Michael Collins reports on the White House. Reach out to him on Twitter @mcollinsNEWS.

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