Stimulus checks are already out the door

(Image credit: Chip Somodevilla/Getty Images))

The Internal Revenue Service said late Friday that the $1,400 stimulus checks included in the American Rescue Plan will make their way to individuals' bank accounts "as early as this weekend," with more coming this week. Indeed, The Wall Street Journal reports that thousands of people had already received their payments by Friday evening, just a day after President Biden signed the $1.9 trillion COVID-19 relief bill into law. Those who are still waiting can begin tracking the status of their direct payments on Monday via the "Get My Payment" tool on the IRS's website.

Eligibility is determined by an individual's 2019 or 2020 tax return, whichever is the most recently processed. Anyone earning $75,000 per year or less qualifies. For couples, the cap is a yearly income of $150,000. Households will get $1,400 for each adult, child, and adult dependent. Read more at The Wall Street Journal and USA Today.

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Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.