A new round of stimulus checks are on their way to Americans now that President Joe Biden has signed the American Rescue Plan into law.
The president’s $1.9 trillion economic rescue package includes one-time payments of up to $1,400 for qualifying individuals, the third such payment that Americans are set to receive as the Biden administration tries to ease the economic distress from the coronavirus pandemic.
Biden celebrated the legislation’s passage in a statement earlier this week, which said the bill would provide 85 percent of American households with the $1,400 payments.
“This legislation is about giving the backbone of this nation—the essential workers, the working people who built this country, the people who keep this country going—a fighting chance,” he said.
The first economic impact payment, worth up to $1,200 for qualifying individuals, was included in the Coronavirus Aid, Relief and Economic Security (CARES) Act passed last March as businesses throughout the U.S. began shutting down. Congress approved a second payment of up to $600 for qualifying Americans late last year.
Because the Democrats used the budget reconciliation process to push the American Rescue Plan through Congress, some experts believe these latest stimulus checks are likely to be the last ones Americans will see in connection with the pandemic.
While the White House initially said it was hoping Americans would begin receiving stimulus checks at the end of this month, White House press secretary Jen Psaki said on Thursday that payments may begin going out as soon as this weekend since Biden signed the legislation into law on Thursday.
“People can expect to start seeing direct deposits hit their back accounts as early as this weekend,” Psaki said during a Thursday news conference. The payments will go out in waves, with the first wave likely to come within the next couple of days as the Treasury Department and the IRS work together to issue the payments directly into qualifying Americans’ bank accounts through direct deposit.
“Payments to eligible Americans will continue throughout the course of the next several weeks,” Psaki said.
Following the first wave of direct deposit payments, Americans who have not provided the government with their bank account information—which is already on file for those who requested that their tax refunds be directly deposited into their bank accounts—will begin to receive either paper checks or debit cards, a Treasury Department official told CNBC earlier this week.
The IRS said in a Wednesday statement that it is reviewing “implementation plans” for the American Rescue Plan and will provide further details about when and how the payments will be distributed in the coming days.
Once those plans have been finalized, Americans will be able to visit the IRS’ Get My Payment tool to confirm whether they qualify for the $1,400 payments and when they can expect their payment to arrive.
On Friday evening, the Treasury Department confirmed in a news release that some Americans will begin receiving economic impact payments through direct deposit this weekend.
“Following passage of the American Rescue Plan, which President Biden signed into law yesterday, the Treasury Department—through the Internal Revenue Service and the Bureau of the Fiscal Service—enacted an operational plan to begin processing the first batch of these payments today, which some recipients will start receiving as early as this weekend, and with more receiving this coming week,” the news release said.
Payments will continue “in the coming weeks” by direct deposit and through the mail as paper checks and debit cards are issued. The IRS’ Get My Payment tool will be operational starting next week, the release added.
Newsweek reached out to the Treasury Department for comment and will update this story with any response.
Update (3/12/2021, 6:22 p.m.): This article has been updated to include additional information shared by the Treasury Department in a Friday news release.