Stimulus payments to start this weekend, says US Treasury Department

Less than two days after US President Joe Biden signed the American Rescue Plan, which entails hefty stimulus cheques for the people struggling with financial issues induced by the pandemic, the Treasury Department announced on Friday that those in need will start seeing their bank accounts pumped up with the payments as soon as this weekend.

The upcoming stimulus cheques, unlike those sent under the former President’s administration, will be beefed up significantly and will be worth $1,400 each. An individual who earns up to $75,000 per annum will soon be getting the promised amount, with similar cheques for their dependents, reported AFP.

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That means a typical family of four will receive $5,600.

The payments will be made to those who are registered with the Internal Revenue Services or have paid the due taxes in the last two years. Those who are already on the payroll of additional financial benefits provided by the IRS would also be eligible for the amount. 

On the other hand, the physical cheques, which will not have Biden’s signature, are likely to be dispatched later this month for those who are unable to access the direct bank transfers, according to officials working with the IRS, reported AFP. 

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Since the stimulus bill has been in the pipeline of the US legislature, the Treasury Department, led by Secretary Janet Yellen, has urged Americans on multiple occasions to file their taxes as it would make them eligible for the stimulus payments.