US President Joe Biden has signed the $1.9 trillion stimulus bill into law one day prior to the expected date.
Previously, the US Internal Revenue Service (IRS) started rolling out payments within three days of signing the stimulus bill. This indicates that the third stimulus cheque could be received by Americans soon.
Also Read: Why did Biden sign the stimulus bill a day earlier?
Press Secretary Jen Psaki made the official announcement that Americans can expect to receive the relief payments %u201Cas early as this weekend.%u201D
The payments are not sent out all at once. The beneficiaries whose information is on file with IRS would receive the money first through direct deposits in their bank accounts. Others may receive their payments through mail in the form of prepaid debit cards or paper cheques.
Also Read: Joe Biden to urge ‘hope’ one year after pandemic start
You would be able to track the payment status through IRS’s Get My Payment Tool.
Only those who have a social security number are eligible for the stimulus payment. Undocumented immigrants without social security number are excluded from getting aid.
Also Read: Biden to announce next phase of COVID-19 response in his maiden primetime address to US
Eligible people are set to receive $1400 payments and $300 jobless aid where applicable. Those with an income lesser than $75,000 and couples earning up to $150,000 will be eligible to receive full payments.
The bill also includes a child tax credit that gives some families $3,000 per child per year.
Also Read: $28.6 billion aid targeted for restaurant industry in Biden’s stimulus package
Buying insurance through the Consolidated Omnibus Budget Reconciliation Act (COBRA) will become cheaper. The government will be paying COBRA premium till September 30, starting on April 1 for individuals who had their hours cut or lost their jobs. In a normal situation, a person may have to pay at least 102% of the cost of the premium.
