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Now that Congress has passed Democrats’ $1.9 trillion COVID-19 relief bill, the wait is on for the legislation’s $1,400 stimulus checks.
So when will you receive your direct payment?
Senate Majority Leader Chuck Schumer, the New York Democrat, suggested on Wednesday that eligible Americans will have their stimulus checks by March 31.
“You will receive $1,400 checks by the end of March. Help is on the way,” the New York Democrat said shortly after the Senate approved the American Rescue Plan Act.
His promise fits with a timeline for stimulus checks that White House press secretary Jen Psaki gave on Monday.
“We expect a large number of Americans to receive relief by the end of the month,” Psaki told reporters at a daily briefing.
But some payments could hit bank accounts in a matter of days, rather than taking two or three weeks to arrive, according to testimony last month by Internal Revenue Service Commissioner Charles Rettig.
Rettig talked up how quickly the IRS delivered the $600 stimulus checks, also known as economic impact payments or EIPs, that were provided by a $900 billion relief bill that then-President Donald Trump signed into law on Dec. 27.
“These payments started posting to bank accounts just two days after enactment,” Rettig said in his testimony on Feb. 23 before a House subcommittee. He said that was due to the efforts of IRS employees to monitor the relief legislation and other advanced preparation.
“They gave us the ability for a quick turnaround,” the IRS chief said.
Biden is expected to sign Washington’s latest big relief bill into law on Friday.
There has been a change in who will get stimulus checks in the new aid package, as Biden agreed to narrower income limits. Individuals making $80,000 a year or more won’t get the direct payments, while the cutoff for joint filers will be $160,000.
Read more: Here’s who will get $1,400 stimulus checks
Also see: Fewer Americans will get a stimulus check this time around
The $1,400 payments on top of $600 checks just a few months ago means most Americans will get a total of $2,000, an amount that Biden and other Democrats promised to deliver while campaigning.
The COVID-19 pandemic’s first “stimmy” round came about a year ago, with $1,200 checks.
U.S. stocks SPX, +1.40% traded higher on Thursday, a day after the Dow Jones Industrial Average DJIA, +0.99% closed above 32,000 for the first time.
Plus: Biden’s name won’t appear on stimulus checks, White House says
Andrew Keshner contributed to this report.
