President Joe Biden signed the American Rescue Plan on Thursday into law. Here is what he said before signing the bill, “I believe this is, and most people do as well, historic legislation that is about rebuilding the backbone of this country, giving people who built this country a fighting chance”.
White House Press Secretary Jen Psaki, in a news briefing, has claimed that the stimulus checks will be deposited directly into bank accounts as early as this weekend. These stimulus checks will not bear President Biden’s signature.
She also claimed that the rollout will continue in the coming weeks. The first batch to receive their payments will be those who have filed their taxes for the year 2019-2020.
Those who will receive $1400 stimulus checks include individuals who earn less than or equal to $75000 in annual income. Married couples who have a joint income under $150,000 are entitled to receive $2800 stimulus checks. Parents will be getting $1400 for each dependent child. According to the provisions of the American Rescue Plan, some families are eligible to receive a payment of $5600 in their banks who have two dependent children. These families can get their first payments in their bank accounts by Sunday.
The US economy has been hit hard by the COVID-19 pandemic. Unemployment, long lockdowns, overwhelmed hospitals, and closed schools, the Americans have endured one of the greatest challenges in history.
As the vaccination drive gains momentum, the number of COVID-19 positive cases has declined. With states now mulling to ease up the restrictions, the general public is now eligible to receive vaccine shots.
The disbursement of stimulus checks will boost the morale of the people, helping them to return to normal life.