ORLANDO, Fla. - President Joe Biden has signed the massive $1.9 trillion COVID-19 relief package which will include a number of benefits, including $1,400 direct payments to eligible Americans.
White House Press secretary Jen Psaki said most Americans can expect to start seeing direct deposits from the recent COVID-19 relief package as early as this weekend.
"People can expect to start seeing direct deposits hit their bank accounts as early as this weekend," Psaki said at a press briefing shortly after President Joe Biden signed the$1.9 trillion "American Rescue Plan," into law on Thursday.
These payments include $1,400 direct payments to individual Americans making $75,000 or less.
So who will get paid first?
According to CNBC, a Treasury official confirmed that the first batch of $1,400 stimulus checks will be sent to those who have direct deposit information on file for when they filed 2019 and 2020 taxes. However, it's not clear how many people with direct deposit will be included in the first wave.
With cash on the way in the form of pandemic-related stimulus checks, many Americans face a tough question – what to do with the money? (iStock)
The next group will be those taxpayers who have not provided direct-deposit information but the IRS has payment information on them from other programs.
The 'American Rescue Plan' also includes a one-year expansion of the child tax credit.
Most American parents can expect to receive $3,000 a year for every child ages 6 to 17 and $3,600 a year for every child under age 6. The expanded amounts would taper off once income hits $75,000 for individuals and $150,000 for married couples. (Families are normally entitled to up to $2,000 annually in refundable tax credits per child).
If families earn too much to qualify for the expanded tax credits, they can still receive the $2,000 credit for their children if their income level is below $200,000 or individuals and $400,000 for married couples.
Families could also opt to receive monthly payments – roughly $250 to $300 – instead of an annual lump sum. Payments would begin going out in July, according to FOX Business.
Watch FOX 35 News for the latest updates on the coronavirus.