WASHINGTON (NEXSTAR) — The $1.9 trillion federal pandemic relief package is just days, if not hours, away from hitting President Joe Biden’s desk, meaning your next relief check is all but on the way.
At this point, the House is expected to give final approval this week. That’s the last step before getting Biden’s signature and making the deal official.
So when could you start to see the money? It’s possible some people connected to the IRS through direct deposit could see payments as soon as next week.
With two rounds of checks already going out since the beginning of the pandemic, the Treasury Department already has the process and workflow in place. Based on the last round of $600 payments, it’s likely funds could go out in a matter of days. However, this will be the first time money has been distributed under the Biden administration.
The new president has been willing to commit to the idea of payments starting this month.
“That means the mortgage can get paid. That means the child can stay in community college. That means maintaining the health insurance you have,” Biden said. “It’s going to make a big difference in so many lives in this country.”
White House Press Secretary Jen Psaki said Tuesday that the administration is doing everything in its power to expedite payments. As such, the Treasury is working to get more payments to taxpayers by direct deposit. The agency will be able to send direct deposit payments to those who have their information on file from 2019 or 2020 tax filings or who provided it through other programs.
The $1.9 trillion legislation package provides a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent. Individuals earning up to $75,000 would get the full amount, as would married couples with incomes up to $150,000.
The size of the check would shrink for those making slightly more, with a hard cut-off at $80,000 for individuals and $160,000 for married couples.
Biden estimates that 85% of Americans will be eligible for the payment. Some groups that were not eligible for prior payments — such as dependent college students and disabled adults — are now eligible.
Biden’s signature will not appear on the checks, a move his predecessor made that was criticized as a delay in getting payments out.
A new poll by The Associated Press-NORC Center for Public Affairs Research shows that 30% of Americans say their current household income remains lower than it was when the pandemic began.
The IRS and the Treasury Department began to issue the last round of payments by both direct deposit and check in only a matter of days after the outlays became law in late December.
The Associated Press contributed to this report.