January 18, 2022

Biden Says Incentive Checks Will Be Coming This Month After Bill Passes

President Joe Biden said on Saturday that Americans will get their stimulus checks this month, as Democrats rush to send more aides.

“When we took office 45 days ago, I promised the American people that aid was on the way. Today I can say that we took another big step forward in delivering on that promise that aid is on the way,” Biden said. during a press conference in the afternoon.

“This plan will get checks out the door this month for Americans who so desperately need the aid,” the president said.

The Senate approved the $1.9 trillion coronavirus relief package earlier in the day and sent it back to the House for final approval. The Democratic House plans to pass the bill on Tuesday. It will then be passed to Biden for his signature, which is expected before the March 14 deadline, when the increased federal unemployment benefits expire.

The legislation includes direct payments of up to $1,400 to most Americans, a $300 weekly unemployment benefit increase in September and a one-year extension of the child tax credit. The checks are starting to decline gradually, amounting to $75,000 for single filers, $112,500 for heads of household and $150,000 for joint filers.

As with the first two stimulus checks, most payments are sent via direct deposit to those who have already submitted their bank details to the IRS. Based on the latest checks for $600, that money could be coming in as little as two weeks after the legislation is finalized. according to Garrett Watson, senior policy analyst at the Tax Foundation.

The rest of the direct payments are sent by post, either by debit card or by cheque. Those payments could take longer, possibly in April and May, Watson said.

Lorie Konish of CNBC contributed to this report.

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