The White House Just Said Your Stimulus Check Could Arrive This Soon
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After weeks of back and forth, the next stimulus payment was finally approved . This will be the third round of stimulus checks sent to Americans—with the two previous payments sent last spring and winter—and the first payment sent under President Joe Biden . Now that the bill has been signed, how long do you have to wait for the stimulus check to arrive? Keep reading to find out the latest update from the White House, and for more on the stimulus, This One Thing Will Be Missing From Your Next Stimulus Check.
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During a White House press briefing on March 11, White House Press Secretary Jen Psaki said that the Department of Treasury and the IRS are working hard to get the third stimulus checks out to the American people “as fast as possible.”
“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” Psaki said. That would mean March 13 or 14. “This is, of course, just the first wave.” And if you’re waiting for the check, make sure you know Why You May Not Get the Third Stimulus Check .
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The White House’s timeline falls in line with the timeline of the second stimulus payment, which hit some Americans’ bank accounts sooner than anticipated. When former President Donald Trump signed the second stimulus bill on Dec. 27, it took less than a week for payments to start. According to the IRS website, the second stimulus checks began being mailed out on Dec. 30, with some direct deposits hitting people’s bank accounts as early as Dec. 29. And for more on previous payments, If You Never Got Your Last Stimulus Check, Experts Say Do This Now .
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Even if you received the first or second stimulus payment, you may not receive the third. When Biden made changes to the bill during Senate discussions, he agreed to stricter income limits. According to The New York Times , this new proposal (which has now been signed into law) set income caps at $80,000 for individuals, $120,000 for single parents, and $160,000 for joint-filers. That is $20,000 lower than the income caps were for the last stimulus payments, and if you make more than these limits, you won’t receive the third stimulus check.
Of course, even if you are eligible, there’s a good chance you won’t get the stimulus check as early as this weekend. As we’ve seen with the past two stimulus checks, some people get their money sooner than others, depending on various factors. Psaki noted that “payments to eligible Americans will continue throughout the course of the next several weeks.” And for more things to keep in mind, If You’re Waiting on a Stimulus Check, Read This Before Filing Your Taxes .
This One Thing Will Be Missing From Your Next Stimulus Check
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The arrival of your third stimulus check is getting closer and closer. After being sent two stimulus payments last year—one in the spring and one in the winter—Americans are eagerly awaiting a third payment, the first stimulus check sent by President Joe Biden . On March 6, this third round of payments was passed by the Senate as part of a larger COVID relief bill, but it still has to go back to the House of Representatives so changes can be approved before the president can sign it into law. This next vote is scheduled for March 10, which means checks are likely just around the corner. However, there will be some changes for this stimulus check compared to the previous checks sent under former President Donald Trump —including one thing that will be missing this time round. Read on to find out what makes these stimulus checks different, and for more on the timeline, This Is When Your Next Stimulus Check Will Finally Arrive .
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According to a White House official, the third stimulus checks will not include President Biden’s name , The New York Times reported. This is a change from the two previous stimulus checks, both of which had President Trump’s name, along with a signed letter accompanying the payment. Jen Psaki , the White House press secretary, said on March 9 that the checks would instead be signed by a career official from the Bureau of the Fiscal Service, which is part of the Treasury Department. Psaki said that President Biden did not feel that putting his name on the checks was “a necessary step.” And before you start checking the mail, find out Why You May Not Get the Third Stimulus Check .
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Americans received $1,200 for their first stimulus payment in the spring of 2020. Later in the winter, former President Trump authorized and passed another smaller payment of $600. However, the third stimulus check under President Biden will be for a base amount of $1,400. Some critics say this is still lower than the $2,000 checks Biden originally promised —though Biden has since said that the $1,400 proposal “will finish the job of getting a total of $2,000 in cash,” when seen as an addition to the second stimulus check of $600. And for more financial guidance, If You’re Waiting on a Stimulus Check, Read This Before Filing Your Taxes .
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While you may get more money with the third stimulus check, there is a chance you might not qualify for this payment at all—even if you qualified for the last two. On March 3, Biden agreed to stricter income limits on the third stimulus checks , according to The New York Times . Under the new proposal passed by the Senate (which still has to go back to the House), if you make over $80,000 as an individual, $120,000 as a single parent, or $160,000 as a joint-filer, you won’t receive a check. This is $20,000 lower than the income caps were for the last stimulus payments. According to estimates from the Institute on Taxation and Economic Policy, nearly 11.8 million people won’t receive the third stimulus check with this new plan, but would have under the plan that was originally passed by the House. And for fluffier content on the Biden administration, This Is the One Place in the White House the First Dogs Aren’t Allowed .
