A newly passed Covid-19 relief bill will provide some residents with the third stimulus check that has been delayed due to some lags on the part of the Social Security Administration (SSA), said CNBC. Recipients will be getting a deposit of $1,400.
People making less than $75,000 or household heads making less than $112,500 are entitled to the check, said NBC News. Married couples who file joint taxes will receive the full check if they make up to $150,000 combined.
Individuals who make more than the amount stated above but only up to $80,000, $120,000, and $160,000 would receive less than $1,400. Anything more than these amounts will not be entitled to the stimulus checks.
Veterans Affairs (VA) beneficiaries will also receive their payments by mid-April. Parents are also eligible to get up to $1,400 for every child on their tax returns.
The first people who received the payments are those under the Social Security, Supplemental Security Income, and Railroad Retirement benefits.
The Internal Revenue Service (IRS) has started issuing the payments in the middle of March and was able to make deposits for around 30 million individuals.
For the rest of the recipients, the earliest payments will come by April 7. This delay is caused by the SSA’s deferral in submitting the information needed by the IRS. After receiving pressure from lawmakers, the SSA finally submitted the files last week.
Now that the pertinent data is with the IRS, the agency noted, “If no additional issues arise, the IRS currently expects to complete that work and to begin processing these payment files at the end of this week.”
Recipients are likely to receive the payments through electronic channels, which could be via direct deposits or Direct Express card. They can get updates through the IRS’ Get My Payment service once the tool has been updated.