$1,400 stimulus payments expected to arrive as early as March 13th
On Saturday the US Senate approved a revised version of President Biden's $1.9 trillion coronavirus relief package. This will be the third stimulus payment to be sent out. As millions of Americans grapple with financial hardship, many are wondering when the deposits will hit their bank accounts.
At the start of next week, the bill will be sent back to the House for final approval. If the House approves of the Senate's changes, the bill will be sent to President Biden to be finalized. Once signed into law, things should move quickly. It is possible that we'll see deposits from the IRS by the weekend of March 13th - less than a week after the bill is signed.
It is expected that a couple earning under $160,000 would see a $2,800 deposit, while singles would receive $1,400. An additional $1,400 would be provided for dependents. To receive the full payment, individuals must have earned less than $75,000, or $150,00 for couples. After this threshold, payment amounts begin to decline for those with higher incomes.
The current $300/week unemployment aid expires on March 14th, and a major push has been made to get the new bill signed before this expiration. The recently approved Senate bill would extend the $300/weekly benefit through September, giving time for workers and families to get back on their feet.
Though he didn't comment on specific dates, the chief taxpayer experience officer at the IRS, Ken Corbin commented "We are keeping our eyes closely on the hill." When considering the unemployment deadline and the IRS's timeline for delivering previous stimulus, it is unlikely that it will take longer than a week after March 13th before deposits are made. For many, stimulus can't come soon enough.
