After weeks of back and forth, the next stimulus payment was finally approved. This will be the third round of stimulus checks sent to Americans—with the two previous payments sent last spring and winter—and the first payment sent under President Joe Biden. Now that the bill has been signed, how long do you have to wait for the stimulus check to arrive? Keep reading to find out the latest update from the White House, and for more on the stimulus, This One Thing Will Be Missing From Your Next Stimulus Check.
Your stimulus check could arrive as early as this weekend, according to the White House.
iStockDuring a White House press briefing on March 11, White House Press Secretary Jen Psaki said that the Department of Treasury and the IRS are working hard to get the third stimulus checks out to the American people "as fast as possible."
"People can expect to start seeing direct deposits hit their bank accounts as early as this weekend," Psaki said. That would mean March 13 or 14. "This is, of course, just the first wave." And if you're waiting for the check, make sure you know Why You May Not Get the Third Stimulus Check.
President Biden just signed the new stimulus bill into law.
ShutterstockPresident Biden signed the third stimulus bill on March 11, a day earlier than the White House had originally planned, according to The New York Times. This $1.9 trillion economic relief package promises a base amount of $1,400 to individuals through direct stimulus checks. The original proposal had been passed by the House of Representatives in late February, but when it was then sent to the Senate, changes had to be made before the body finally approved it on March 6, as reported by The Washington Post. The revised stimulus bill then had to be sent back to the House, which officially approved the new changes on March 10 and sent the bill to President Biden to sign. And for more up-to-date information, sign up for our daily newsletter.
The second stimulus check was sent out less than a week after the bill was signed.
iStockThe White House's timeline falls in line with the timeline of the second stimulus payment, which hit some Americans' bank accounts sooner than anticipated. When former President Donald Trumpsigned the second stimulus bill on Dec. 27, it took less than a week for payments to start. According to the IRS website, the second stimulus checks began being mailed out on Dec. 30, with some direct deposits hitting people's bank accounts as early as Dec. 29. And for more on previous payments, If You Never Got Your Last Stimulus Check, Experts Say Do This Now.
You'll only get the third stimulus check if you qualify under the new requirements.
iStockEven if you received the first or second stimulus payment, you may not receive the third. When Biden made changes to the bill during Senate discussions, he agreed to stricter income limits. According to The New York Times, this new proposal (which has now been signed into law) set income caps at $80,000 for individuals, $120,000 for single parents, and $160,000 for joint-filers. That is $20,000 lower than the income caps were for the last stimulus payments, and if you make more than these limits, you won't receive the third stimulus check.
Of course, even if you are eligible, there's a good chance you won't get the stimulus check as early as this weekend. As we've seen with the past two stimulus checks, some people get their money sooner than others, depending on various factors. Psaki noted that "payments to eligible Americans will continue throughout the course of the next several weeks." And for more things to keep in mind, If You're Waiting on a Stimulus Check, Read This Before Filing Your Taxes.
