Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

First U.S. stimulus payments to hit bank accounts this weekend: officials

EconomyMar 12, 2021 07:05PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: U.S. President Biden hosts White House event on effort to produce more coronavirus vaccine in Washington

By Andrea Shalal

WASHINGTON (Reuters) - Americans will see the first direct deposits from President Joe Biden's $1.9 trillion COVID-19 relief package hit their bank accounts this weekend, Treasury and Internal Revenue Service officials said on Friday.

A first tranche of $1,400 stimulus payments was processed Friday, with additional large batches of payments to be sent via direct deposits or through the mail as checks or debit cards in coming weeks, the officials said.

That means a family of four earning up to $150,000 will receive $5,600. Unlike the first two payments, which were limited to children under 17, this round of checks will also go to all qualifying dependents, including college students, adults with disabilities, parents and grandparents, the officials said.

They stressed that no action was required by taxpayers to receive the payments, which will be based on 2019 or 2020 tax returns, depending on which was the latest filed, or data supplied to the IRS last year by non-filers.

The IRS will also automatically send payments to those who typically do not file tax returns, but received Social Security and Railroad Retirement Board benefits, Supplemental Security Income or Veteran benefits in 2020, they said.

"The goals is to get these out at fast as possible," said one of the officials.

Beginning Monday, taxpayers can log onto the Get My Payment https://www.irs.gov/coronavirus/get-my-payment tool on the IRS website to check the status of these payments.

Officials urged people to file their tax returns electronically to ease the process, noting they could also qualify for other relief, including child tax credits.

The Biden administration said stimulus payments and other measures will boost economic growth and help Americans hit by the COVID-19 pandemic, which is continuing to claim 1,400 lives in the United States each day.

Nearly 160 million U.S. households will receive some $400 billion in direct payments of $1,400 per person, helping individuals earning up to $75,000 annually and couples up to $150,000. Those earning more, but less than $80,000 per individual or $160,000 per couple, will receive reduced amounts.

Officials said they were coordinating with the Social Security Administration, other government agencies and financial institutions to avoid problems seen during the last round of stimulus payments, when checks went out to thousands of people who were deceased.

"We have a number of controls in place to make sure that we check and look at how those payments are going out," said one of the officials.

First U.S. stimulus payments to hit bank accounts this weekend: officials
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
Notvery Goodathis
Peteymcletey Mar 14, 2021 4:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
buying votes. Good job... I guess
Steve Lora
Steve Lora Mar 14, 2021 1:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
$2000?
Silence Dogood
Silence Dogood Mar 13, 2021 12:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Vegetable in chief has no clue.. so sad...
ZS Beck
ZS Beck Mar 12, 2021 11:18PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Keep it coming...
John Schneider
John Schneider Mar 12, 2021 11:18PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gary SKY saw
Gary SKY saw Mar 12, 2021 10:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hip hip hooray.. Free money.. I need more.. Tq tq tq
Haze Tradez
Haze Tradez Mar 12, 2021 9:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Universal Basic Income.... plan complete!
Kelly Mayer
Kelly Mayer Mar 12, 2021 9:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
might be just a "beta" test at this point.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email