Americans Seeing Stimulus Payments Hit Bank Accounts

The status of payments can be checked with the IRS “get my payment” online tool at irs.gov.

Video Transcript

JOE BIDEN: Good afternoon.

- President Joe Biden says the American Rescue Plan Act of 2021 will give the COVID-stricken US economy a much-needed boost.

JOE BIDEN: It changes the paradigm. For the first time in a long time, this bill puts working people in this nation first. It's not hyperbole. It's a fact.

- Direct deposits are going out first, with $1,400 for eligible people who make less than $75,000 dollars, heads of households who earn less than $112,500, and married couples who bring in less than $150,000.

TED JENKIN: If you have kids under the age of 6, you will get an additional $3,600 over the next year. And if you have kids aged 6 to 17, you will get an additional $3,000 per child over the next year. And of course, for unemployment, that $300 per week extra will continue until September 6.

- The IRS will base the amount sent out on either 2019 or 2020 tax returns.

TED JENKIN: You really need to sharpen your pencil up here this weekend if you haven't done your taxes and ask yourself, did I make more income in 2019 or 2020? Did my marital status change?

- Critics of the plan say the $1.9 trillion package is too costly.

MITCH MCCONNELL: We're doing damage to the future of this country by spending dramatically more money than we obviously need.