RALEIGH, N.C. (WNCN) – The president hasn’t even signed the COVID-19 relief bill known as the American Rescue Plan and people are already asking “When will I get my stimulus money?”
Although these are going to be larger stimulus checks than the first two, they are not going to go to as many people and there are more restrictions.
The Senate said OK to the nearly $2 trillion spending bill this weekend, keeping intact provisions for the latest round of stimulus payments.
President Joe Biden said, “It wasn’t pretty, it wasn’t easy, but it was desperately needed.”
But who is going to get the money?
First off, 9 million households that received a check last year will not be getting one this time around because lawmakers have narrowed the eligibility.
Also, the threshold for who will get the payments has been adjusted.
Here’s how it stands:
- If a single person makes $75,000 a year or less, they will get a full check of $1,400.
- If you make up to $80,000 a year, your payment will be reduced.
- Single people making over $80,000 – no check for you.
- Married couples with incomes totaling $150,000 will get $2,800 per couple and $1,400 for each eligible dependent child.
- For joint incomes higher than that, checks will be gradually reduced with no one making more than $160,000 getting a check.
Another question people are asking is how and when will the funds be delivered.
The president has promised the money will go out quickly but the funds will not go out all at once.
Those with direct deposit info on file with the IRS will get their funds first because it can be easily placed into their accounts.
Those whose bank accounts aren’t on file with the IRS will have to depend on the U.S. mail – getting paper checks or more likely prepaid debit cards.
As we learned during the first round of stimulus payments last year, the Treasury can only process about 5 to 7 million stimulus transactions per week.
However, there is no exact timetable for when the IRS will start processing the funds.
First, the president has to get the bill and sign it.
This weekend Biden said he hoped the money would start reaching those who need it before the end of March.