(WAND) - Americans are already starting to receive stimulus payments within days of President Joe Biden signing a new stimulus package.
According to CNBC, the Internal Revenue Service started processing stimulus checks Friday. Payments started to arrive that same day and should continue to throughout the weekend.
“Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic,” IRS Commissioner Chuck Rettig said in a press release.
Full $1,400 stimulus payments are going to individuals with adjusted gross incomes up to a limit of $75,000. Heads of households who make up to $112,500 and married couples who file jointly with an annual income up to $150,000 are also eligible.
People with income above those levels will have either reduced payments or none. The Senate lowered the level at which payments move to zero for this round of checks. In another change, families will get a payment for all dependents they claim on a tax return, and not just for qualifying children under 17 years old.
The third round will be based on a taxpayer's latest tax return from either 2019 or 2020. The Get My Payment tool can be used to check payment status beginning Monday.
The entire relief package signed by the president consists of $1.9 trillion. Funds also include an extension of a $300 per week jobless insurance boost through Sept. 6, $20 billion for the COVID-19 vaccination effort, $25 billion for rental and utility assistance and $350 billion for state, local and tribal relief. In addition, the child tax credit has been augmented for a year.
