Approximately 160 million American families will receive payments of $ 1,400 per person.
The first transfers of direct payments of $ 1,400 will appear in the bank accounts of many Americans this weekend. White House Press Secretary Jen Psaki stated this.
Biden signed the economic stimulus bill into law exactly one year after starting restrictions in the United States related to the coronavirus pandemic. With this measure, the administration will be able to make life easier for Americans and stimulate the country’s economy.
“People can expect direct deposits to start flowing into their bank accounts as early as this weekend. This is, of course, only the first wave (of payments),” Psaki said. Payments to eligible Americans will continue over the next few weeks, she said.
The White House estimates that approximately 160 million American families are expected to receive the payments.
Also, the bill signed by Biden provides for the introduction of an expanded tax credit for each child of up to $ 3,000 or $ 3,600 for each child under the age of 6. The IRS will pay this amount with monthly payments of $ 250 to $ 300 from July to December.