New round of stimulus checks are on their way, officials say

The latest round of stimulus checks should begin hitting people’s bank accounts as soon as this weekend, Treasury officials say.

Payments worth $1,400 per person will be distributed over the coming weeks, with the vast majority zapped out by direct deposit.

The IRS will also begin sending paper checks and prepaid debt cards by the end of this month to those for whom it does not have banking information on file.

The action comes after President Joseph Biden signed into law Democrats’ coronavirus stimulus plan, which authorized a third round of stimulus payments to millions of Americans since the pandemic began.

“Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic,” IRS Commissioner Charles Rettig said in a statement.

In a call with reporters, officials said they did not yet have many statistics on the payments, such as how many are already heading out the door.

The government has gotten better at distributing stimulus checks, with the last round OK’d by Congress in December going out much faster than the initial one approved earlier last year.

The payments will generally be larger than those in previous rounds, though somewhat fewer people will receive them.

They’re generally reserved for individuals earning less than $75,000, and couples twice that, with $1400 going to each person, including all dependents claimed on a return. A family of four, for example, will receive $5,600.

Lawmakers narrowed the criteria for receiving them somewhat so some people who received earlier payments may not be eligible for this one. Eligibility phases out more quickly as income rises than with previous rounds, so that couples earning more than $160,000 and single people making more than $80,000 will not receive payments.

Eligibility will generally be based on what people report in their 2020 tax returns, if those have already been processed by the IRS. If not, the agency will look to people’s 2019 return or, for nonfilers, to information they’ve previously provided the department to receive earlier rounds of stimulus checks.

Beginning Monday, people can check the status of their payments on the IRS’s Web site, using the “Get My Payment” tool.


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