Chicago News and Media

‘Hope is back’: Stimulus checks start hitting bank accounts nationwide

Stimulus checks are starting to land in Americans’ bank accounts across the country this weekend, just days after President Joe Biden signed the $1.9 trillion American Rescue Plan into law.

The third round of direct payments — which follows two previous sets of payments signed into law last year by former President Donald Trump — are the most substantial yet, although some of the people included in the last deals won’t be eligible this time.

“The checks are going to start arriving today,” Senate Majority Leader Chuck Schumer, D-N.Y., said on MSNBC’s “The Sunday Show.” “New Yorkers should start receiving the checks today, and many of them will get them this week. We promise that. Republicans blocked it. We said put us in power, we’ll get it done.”Those who make less than $75,000 or heads of households who make less than $112,500 are eligible for the full $1,400 payment. Individuals earning less than $80,000 and heads of households making less than $120,000 are still eligible for reduced payments.

Couples who file taxes jointly qualify for the full payment if they earn up to $150,000 and can receive partial payments if they make up to $160,000.

In addition, parents can get up to $1,400 more for each child — including children over 18 — listed on their tax returns. For example, a family of four with a household income under $150,000 should get $5,600.

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