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The news from White House press secretary Jen Psaki came minutes after President Joe Biden signed the $1.9 trillion Covid relief bill.
“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” Psaki said at a press briefing.
“This is, of course, just the first wave,” Psaki noted, adding that “payments to eligible Americans will continue throughout the course of the next several weeks.”
It would also extend a $300 per week unemployment insurance boost until Sept. 6 and expand the child tax credit for a year.
Use Grow‘s relief calculator to see how much you could receive under the new law:
The massive bill, which most Americans support, passed through Congress without any backing from Republican lawmakers. The Democrat-led House and Senate pushed the bill through Congress via the budget reconciliation process, which allows legislation that impacts the budget to pass with a simple majority.
“This historic legislation is about rebuilding the backbone of this country,” Biden said before signing the legislation. “And giving people in this nation, working people, middle class folks, the people who built this country, a fighting chance.”
Biden on Thursday night will deliver his first primetime address to the nation. He will talk about the bill and offer a cautiously optimistic vision of the next steps in the fight against the pandemic.
“He plans to provide a clear outline of his approach, level with the American people about what is required of them, but also provide a sense of hope of what is possible,” Psaki said at the briefing.
The speech, scheduled to begin just after 8 p.m. ET, comes on Biden’s 50th day as president and on the one-year anniversary of the strict lockdown measures that were imposed across the country to slow transmission of the virus.