A Treasury Department official said the first round of new stimulus checks will go to those who have given the government their direct deposit information, CNBC reports.
- Anyone who gave direct deposit information in the 2019 or 2020 tax information will receive the check first.
- The upcoming stimulus check is the third one of the novel coronavirus pandemic.
Context
The House of Representatives passed a $1.9 trillion COVID-19 relief package Wednesday that includes $1,400 stimulus checks to Americans and extends unemployment benefits.
Who gets a check?
Individuals who make $80,000 or under and married couples making $160,000 or less will receive a stimulus check up to $1,400 per person, as I wrote for the Deseret News.
- Those making $75,000 or less will get the full amount of $1,400.
- The checks will diminish in value for those who make between $75,000 to $80,000 (or couples who make between $150,000 and $160,000).
But the bill also extended the annual child tax credit — $3,600 for children 5 years old and under, or $3,000 for those 6 to 17 years old — according to NBC News. So there’s a chance parents can get some more cash.
- Unemployment benefits will extend by $300 per week until Sept. 6, too, if you’re in need there.
How much will you get?
You can use this free stimulus check calculator to see how much your stimulus check will be, which I wrote about for the Deseret News.
What’s next?
President Joe Biden signed the bill into law on Thursday. According to CBS News, the IRS could start sending out checks within the next week or two.
White House Press Sec. Jen Psaki said stimulus checks could start seeing their COVID-19 stimulus checks this weekend.