With House and Senate approval out of the way, President Joe Biden is scheduled to sign his $1.9 trillion Coronavirus Relief Measure this afternoon, (Thursday, March 11th).
Afterwards, you can expect the Internal Revenue Service to move quickly on the next round of stimulus payments.
The bill, known as the American Rescue Plan, includes direct payments of $1,400 for single people and dependents and $2,800 for married couples – with income limits in place.
To receive the full payment, single taxpayers must have an adjusted gross income of $75,000 or less, and married couples must have AGI’s of $150,000 or less. Payments phase out for incomes above those levels. Payments are based on either the 2019 or 2020 income shown, depending on if the taxpayer has yet filed a 2020 return.
After the bill is signed, the IRS could reportedly begin delivering checks within one to two weeks. The first round will go to people who have direct deposit information on file, followed by mailing of paper checks and pre-paid debit cards.
The process could take several additional weeks, based on the timing of the previous two rounds of stimulus payments.
Want to see how much you could receive under the latest stimulus? You can use the calculator here.