President Biden signed the historic $1.9 trillion stimulus plan into law on Thursday. This means the federal government will soon distribute $1400 checks to many Americans. The payments are expected to be in Americans’ hands by the end of the month.
Biden’s signature comes one day before originally scheduled and ahead of his Primetime address to the American people tonight.
When Will Americans Receive The Checks?
Judging by the previous rounds of stimulus, Americans should expect to receive the payments within the next two weeks.
Will I Qualify?
To qualify for a $1400 direct payment, you must hold a social security number and, as an individual, earn less than $80,000 per year. Families must earn less than $160,000. Incomes are based off of 2020 or 2019 tax filings. Every dependent also qualifies for direct payment. For example, a family of five earning less than $160,000 per year would receive $7,000 in benefits.
What About Unemployment Benefits?
Employees and individual freelance contractors that have lost their jobs will qualify for $300 in weekly payments through September. This is a federal payment and comes in addition to any state benefits the individual may already be receiving.
The stimulus is expected to give the American economy an added boost at a time when it increasingly is showing signs of healing.