IRS May Begin Issuing Stimulus Payments This Weekend [Update]

The highly-anticipated stimulus bill is now a reality after weeks of partisan bickering. President Joe Biden signed the Rescue American Package into law today, March 11, 2021, which signals the Treasury Department to move forward with distributing funds. [Updated IRS information at the end of the story.]

President Biden talked about the necessity of the bill during the signing event:

This historic legislation is about rebuilding the backbone of this country.

Historically this stimulus package is the largest of the three signed into law since the onset of the pandemic. Congressional Democrats overwhelmingly approved the bill whereas Republicans disapproved.

Fortunately, one GOP member was brave enough to defy the party line. His approval prevented Vice President Kamala Harris’s need to use her power to break the deadlock.

The first $1,400 stimulus payments could arrive by direct deposit as early as this weekend. White Press Secretary Jen Psaki explained individuals must already have the information set up with the IRS to be fortunate enough to receive monies so soon.

• Most Americans will receive the stimulus payments. This bill bumped up the amount of money sent into households with children and creates a significant child tax credit.
• The additional support added to unemployment benefits in the Care Act has been extended through September in this legislation.
• Schools will see additional federal dollars to help them reopen.
• Aid will go to cities and states facing budget shortfalls.
• The financial costs for a stronger coronavirus rollout will be covered by the bill.

The White House has indicated an official will be tasked with overseeing stimulus spending across government, according to The Washington Post.

UPDATE March 14, 2021: The IRS released a statement to notify America the official date for direct deposits is March 17. As with the previous rounds, taxpayers will be able to track the third stimulus payment on the IRS.gov website — the “Get My Payment” portal goes live on March 15.

IRS Commissioner Chuck Rettig wrote in the statement:

The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit IRS.gov for the latest details on the stimulus payments, other new tax law provisions and tax season updates.

Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17.

Written by Cathy Milne-Ware

Source:

The Washington Post: Biden signs $1.9 trillion stimulus into law, some to see stimulus payments this weekend; Tony Romm
Fortune: How to track the status of your third round IRS stimulus check; by Lance Lambert

Featured and Top Image by Cathy Milne-Ware
Inset Image Courtesy of John Lewis’ Flickr Page – Creative Commons License