After more than two months of waiting for millions of Americans, President Joe Biden has signed into law a nearly $2 trillion pandemic stimulus package which includes $1,400 direct stimulus paychecks.
Biden initially planned to sign the bill late Friday but White House chief of staff Ron Klain said on Twitter the day before that the bill arrived quicker than expected.
White House press secretary Jen Psaki announced moments after Biden signed the bill that the Internal Revenue Service and the Department of Treasury were doing their best to get the checks rolling.
Psaki said some people would see direct deposits in bank accounts as early as this weekend. "This is, of course, just the first wave," Psaki said. The "payments to eligible Americans will continue throughout the next several weeks."
The checks are part of the American Rescue Plan Act signed into law by Biden this week. The act also includes an extension of jobless claims and a more generous child tax credit.
Individuals with an adjusted gross income under $75,000 are qualified to receive the full $1,400. Married couples filing jointly are required to have an adjusted gross income below $150,000 to get $2,800. Taxpayers will also get $1,400 for each dependent.
During the first round of stimulus compensation in April last year, it took the federal government about two weeks to begin distribution of money. It took about one week for the second round of checks at $600.
The legislation allocates $350 billion to state and local governments and tribal governments for costs incurred until the end of 2024. The bill says small states get at least the amount they received under pandemic legislation that Congress passed last March, according to The Associated Press.
The bill calls for around $130 billion in additional assistance to schools for students in kindergarten through grade 12 and provides $7.25 billion for the Paycheck Protection Program.