The news from White House press secretary Jen Psaki came minutes after President Joe Biden signed the $1.9 trillion Covid relief bill.
“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” Psaki said at a press briefing.
“This is, of course, just the first wave,” Psaki noted, adding that “payments to eligible Americans will continue throughout the course of the next several weeks.”
Beyond the billions of dollars in funding for vaccinations, state and local governments and other areas, the plan will send direct payments of up to $1,400 to the majority of Americans.
It would also extend a $300 per week unemployment insurance boost until Sept. 6 and expand the child tax credit for a year.
Use Grow’s relief calculator to see how much you could receive under the new law:
HOW MUCH COULD YOU GET IN YOUR THIRD STIMULUS CHECK?
You should receive a $ stimulus payment.
Your income is too high to receive a stimulus payment.
The massive bill, which most Americans support, passed through Congress without any backing from Republican lawmakers. The Democrat-led House and Senate pushed the bill through Congress via the budget reconciliation process, which allows legislation that impacts the budget to pass with a simple majority.
“This historic legislation is about rebuilding the backbone of this country,” Biden said before signing the legislation. “And giving people in this nation, working people, middle class folks, the people who built this country, a fighting chance.”