$1,400 Stimulus Payments Will Start Going Out This Weekend

Americans will start seeing the next round of stimulus payments hit their bank accounts as early as this weekend, White House press secretary Jen Psaki said Thursday.

According to a story reported on by Western Mass News, the payments are worth up to $1,400 per person and were included in the $1.9 trillion COVID relief bill signed by President Joe Biden earlier in the day.

The time frame is in line with how fast the December payments went out, which started being processed three days after then-President Donald Trump signed the bill.

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But the payments won't all go out at once. Those whose bank information is on file with the Internal Revenue Service will likely get the money first because it will be directly deposited into their accounts.

Others may receive paper checks or prepaid debit cards in the mail.

The money is expected to reach about 90% of families, according to an estimate from the Penn Wharton Budget Model. Families will receive an additional $1,400 per dependent, so a couple with two children could receive up to $5,600.

Unlike prior rounds, families will now receive the additional money for adult dependents over the age of 17.

The full amount goes to individuals earning less than $75,000 of adjusted gross income, heads of households (like single parents) earning less than $112,500 and married couples earning less than $150,000. But then the payments gradually phase out as income goes up.

Lawmakers narrowed the scope of the payments this time so that not everyone who received a previous check will be sent one now.

It cuts off individuals who earn at least $80,000 a year of adjusted gross income, heads of households who earn at least $120,000 and married couples who earn at least $160,000 -- regardless of how many children they have.

For more information, check out the full story on Western Mass News' website here.