WASHINGTON (Reuters) – Americans will see the first direct deposits of President Joe Biden’s $ 1.9 trillion COVID-19 aid package into their bank accounts this weekend, Treasury and Internal Revenue Service officials said Friday.
An initial tranche of $ 1,400 in stimulus payments was processed Friday, with oversized amounts of payments due to be sent via direct deposits or the mail as checks or debit cards in the coming weeks, officials said.
That means a family of four earning up to $ 150,000 will receive $ 5,600. Unlike the first two payments, which were limited to children under 17, this round of checks also goes to all eligible dependents, including students, adults with disabilities, parents and grandparents, officials said.
They stressed that taxpayers would not have to take any action to receive the payments, which will be based on 2019 or 2020 tax returns, whichever was the latest, or data provided to the IRS by non-applicants last year.
The IRS will also automatically send payments to those who don’t typically file tax returns but have received social security and railroad retirement plans, supplemental security income, or veteran benefits by 2020, they said.
“The goal is to get these out as quickly as possible,” said one of the officials.
Starting Monday, taxpayers can log into the Get My Payment here tool on the IRS website to check the status of these payments.
Officials urged people to file their tax returns electronically to facilitate the process, noting that they could also qualify for other exemptions, including tax credits for children.
The Biden administration said stimulus payments and other measures will boost economic growth and help Americans affected by the COVID-19 pandemic, which claims 1,400 lives in the United States every day.
Nearly 160 million American households will receive about $ 400 billion in direct payments of $ 1,400 per person, which will allow individuals to earn up to $ 75,000 per year and couples up to $ 150,000. Those who earn more, but less than $ 80,000 per person or $ 160,000 per couple, will receive lower amounts.
Officials said they worked with the Social Security Administration, other government agencies and financial institutions to avoid problems that occurred during the latest round of stimulus payments, when checks were issued to thousands of people who had died.
“We have put in place a number of controls to make sure we monitor and see how those payments are going,” said one of the officials.
Reporting by Andrea Shalal; Editing by David Gregorio