The Treasury Department said on Friday that stimulus payments would begin arriving in bank accounts by direct deposit this weekend as the Biden administration tries to get much-needed money to struggling families.
Treasury and Internal Revenue Service Officials said the payments would be released in batches over the next several weeks, with some coming in the mail in the form of checks or debit cards. The payments are the first big logistical test for Treasury Secretary Janet L. Yellen, as millions of Americans are anxiously awaiting the economic aid.
The payments will provide up to $1,400 per individual, including dependents. The amounts will be reduced for people making more than $75,000 and for married couples who earn more than $150,000. Individuals earning more than $80,000 or couples making more than $160,000 will not get payments.
This is the third round of direct payments since the pandemic started last year. The amount of money each person qualifies for is based on tax information filed with the Internal Revenue Service for 2019 or 2020.
The Treasury Department has been working with financial institutions to try to ensure the payments arrive more quickly this time around than they did last year, when millions of payments were misdirected into unused accounts. The majority of the payments are expected to be delivered within the next few weeks.
On Monday, people will be able to check the status of their payments on the I.R.S.’s website
Some of the first round of payments last year were delayed because former President Donald J. Trump wanted the design of the checks changed to have his name added to the memo line. A Treasury official said on Friday that the checks will be signed be a career official. On the memo line will be the words, “Economic Impact Payment.”
Source: | This article originally belongs to Nytimes.com
