The White House says a ‘large number’ of Americans will receive $1,400 stimulus checks by the end of March

white house press secretary jen psaki
Jen Psaki, the White House press secretary.

  • The White House says many Americans can expect to get a $1,400 stimulus check this month.
  • Individuals earning below $75,000 annually can receive the full amount.
  • Under the last stimulus bill, the IRS distributed 147 million checks in two months.
  • Visit the Business section of Insider for more stories.

The White House said on Monday that many Americans could expect to get a $1,400 stimulus check within a few weeks.

The White House press secretary, Jen Psaki, said the Biden administration was aiming to distribute a significant number of checks this month.

“We expect a large number of Americans to receive relief by the end of the month,” she said, later adding that Treasury Secretary Janet Yellen was “focused like a laser” on getting checks out the door this month.

House Democrats are on course to approve a $1.9 trillion relief bill as soon as Tuesday. It contains direct payments in addition to other provisions such as $350 billion in aid to states, $300 weekly federal unemployment benefits, and a large expansion of the child tax credit.

Individuals earning up to $75,000 can receive the $1,400 check. Couples making up to $150,000 also qualify for the full amount.

Households above both those income thresholds could get a smaller amount, but eligibility is capped at individuals earning above $80,000 and couples making more than $160,000. Biden authorized lowering the eligibility thresholds last week after a push from moderate Senate Democrats.

Still, the vast majority of Americans would be eligible to get a direct payment. The left-leaning Institute on Taxation and Economic Policy estimated that the legislation would benefit 86% of adults and 85% of children.

It would be the third wave of one-time checks that the federal government has authorized during the pandemic. Congress early last year approved $1,200 stimulus checks, most of which the IRS sent within a month.

Lawmakers approved sending $600 relief checks as part of a pandemic aid package in December. The IRS sent 147 million payments to eligible taxpayers it had on file in less than two months.

People who did not receive a check in either round can file to get one in their 2020 tax return.

Read the original article on Business Insider