Relief checks to start hitting bank accounts

WASHINGTON – The latest batch of COVID- 19 relief checks will start arriving in a matter of days.

The first checks of up to $ 1,400 will land in bank accounts this weekend via direct deposit, White House press secretary Jen Psaki announced Thursday.

“This, of course, is just the first wave,” Psaki said.

Payments to eligible Americans will continue over the next several weeks, she said.

The checks are part of President Joe Biden’s $ 1.9 trillion American Rescue Plan, the first major initiative of his presidency. Biden signed the bill Thursday.

Later Thursday, Biden was set to deliver a prime- time address to the nation, the first step in an extensive outreach campaign explaining the massive spending package.

Under the new law, individuals with an adjusted gross income of $ 80,000 or less ($ 160,000 for joint filers) are eligible for a one- time payment of up to $ 1,400, plus an additional $ 1,400 for each dependent child. The payments start to phase out for individuals earning $ 75,000 and will cut off completely for anyone who makes more than $ 80,000.

For couples filing jointly, the phaseout starts for those making $ 150,000 and cuts off at $ 160,000. For those filing as head of household, the phaseout begins at $ 112,500 and cuts off at $ 120,000.

Most Americans will receive the payments via direct deposit. Those who don't will receive a debit card or a paper check, which will take longer.

The Internal Revenue Service will use tax returns on file to calculate how much money people will get. If recipients have filed a return for 2020, their check will be based on their income from last year. If not, their 2019 returns will probably be used to determine how much they'll get.