Some Americans will see extra money in their bank accounts within the next few days. The first batch of stimulus payments from the Biden administration’s 1.9 trillion COVID relief package is rolling out.
President Biden says the American Rescue Plan Act of 2021 will give the COVID stricken US economy a much-needed boost.
"It changes the paradigm for the first time in a long time. This bill puts working people in this nation first. It's not hyperbole. It's a fact."
Direct deposits are going out first with $1,400 for eligible people who make less than $75,000, heads of households such as single parents who earn less than $112,000 and married couples who bring in less than $150,000.
Ted Jenkin/CEO, OXYGen Financial Inc. "If you have kids under the age of six, you will get an additional $3,600 over the next year and if you have kids aged 6 to 17, you will get an additional $3,000 per child over the next year, and of course for unemployment that $300 extra per week extra will continue until September 6th."
The IRS will base the amount sent out on either 2019 or 2020 tax returns.
Jenkin said, "You really need to sharpen your pencil up here this weekend if you haven’t done your taxes and ask yourself, 'Did I make more income in 2019 or 2020, did my marital status change?'"
Critics of the plan say the $1.9 trillion package is too costly.
Sen. Mitch McConnell, the Senate Minority Leader, argues, "We’re doing damage to the future of this country by spending dramatically more money than we obviously need."
The stimulus payments cut off people who earn $80,000 or more per year and married couples who bring in $160,000 or more regardless of the number of children they have. Starting Monday, people can check the status of their payments by going to the IRS “get my payment” online tool.