$1,400 stimulus payments begin landing in bank accounts – Daily News

on Mar12
by | Comments Off on $1,400 stimulus payments begin landing in bank accounts – Daily News |

Just a day after President Joe Biden signed a stimulus relief package into law, the latest round of economic impact payments began landing in bank accounts with a pending date of March 17.

The $1,400 payments are part of the $1.9 trillion American Rescue Plan, which includes more than $410 billion of payments for most Americans. The plan also includes $350 billion in aid to state and local governments, an expansion of the child tax credit and increased funding for COVID-19 vaccine distribution.

The stimulus package also will pump more than $150 billion into California’s economy, including a $26 billion windfall for the state’s already burgeoning budget surplus. Nearly half of the money makes up the $1,400 EIPs  and expanded unemployment benefits. Another $15.9 billion will go to public and private schools while $3.6 billion will boost the state’s vaccination, testing and contact tracing efforts. There’s also money for public transit agencies, airports and childcare.

According to Gov. Gavin Newsom’s office, about $16 billion will go to local governments and be split in half between cities and counties. And $26 billion will go directly to state government for services impacted by the pandemic.

The White House said all efforts were being made to get the economic impact payments to recipients this month.

Government agencies “are building on lessons learned from previous rounds of payments to increase the number of households that will get electronic payments, which are substantially faster than checks,” according to a blog post Wednesday.

Here’s how the payments break down:

Individuals who earn as much as $75,000, or couples making $150,000, plus their children or adult dependents, qualify for the full $1,400 per person. Single parents with at least one dependent who earn $112,500 or less also get the full amount.

Families in which some members have different citizenship and immigration classifications are eligible, as long as one person has a Social Security number.

The payments phase out for people who make more money: Someone who earns $80,000, or a couple making $160,000, get nothing.

For those who have filed tax returns this year, the IRS will use income data for 2020 to determine eligibility and size of payments. For those who have not filed, the IRS will use 2019 tax data.

The IRS is sending payments via direct deposit for those filers who have bank-account information on file. Social Security, Veterans Affairs, and other federal benefit recipients will receive their payments the same way they typically get their monthly transfers. Others will get a paper checks or prepaid debit cards.

Bloomberg contributed to this report.

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