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First direct deposits with third $1,400 stimulus check could be sent next week

First direct deposits with third $1,400 stimulus check could be sent next week

Once President Joe Biden signs the stimulus legislation this Friday, the IRS will be able to release the first payments.

Once U.S. President Joe Biden signs legislation containing the $1.9 trillion stimulus package with $1,400 checks on Friday, the first payments could be sent via direct deposit as early as next week.

Although the Biden Administration has not specified the release date for the first stimulus checks in the third round, the process for the second round hints at when the first recipients would receive the wire transfers after Biden signs the piece of legislation and its provisions go into effect.

Following the signing of the Supplemental Appropriations in Response and Relief to Coronavirus Act of 2021, passed in late December, it took the Internal Revenue Service (IRS) about three days to deposit the first $600 checks into the accounts of taxpayers who submitted that information to the agency as part of their tax return.

The expectation is that this is also the period it will take to send the first payments as part of the third round.

If the above materializes, as early as next week, millions of Americans would receive the long-awaited check of $1,400 per individual and the same amount for each dependent, young or old.

The preliminary schedule is in line with the federal government’s plan to send out the majority of stimulus payments this month.

The House of Representatives on Wednesday approved the “American Recovery Plan” pushed by Biden and his team to complete the legislative process for the package, which also includes an extension of the “Child Tax Credit” by up to $3,600, a $300 weekly extension of unemployment insurance, several loan programs for small businesses and non-profit organizations, money for pandemic testing and vaccines, and school reopenings, among other assistance.

With yesterday’s process, Democrats in the U.S. Congress fulfilled their promise to have the plan to address the coronavirus economic crisis approved by March 14.

As of that date, the extra unemployment benefits approved as part of the second stimulus bill expire.

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