Investor Alert

New York Markets Open in:

Capitol Report

March 17, 2021, 1:27 p.m. EDT

When will you get your $1,400 stimulus check? 90 million already arrive, more hitting ‘in the coming weeks’

By Victor ReklaitisAndrew Keshner

Now that Democrats’ $1.9 trillion COVID-19 relief bill has been signed into law, the wait is on for the sweeping package’s $1,400 stimulus checks.

So when will you receive your direct payment?

Well, you may already have gotten it.

About 90 million stimulus payments worth a total of more than $242 billion have been disbursed so far, the Biden administration said in a news release on Wednesday.

“Additional batches and payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card,” added the Treasury Department, the Internal Revenue Service and the Bureau of the Fiscal Service in the release.

The first batch of payments were mostly sent by direct deposit, and some recipients started receiving them this past weekend, the administration also said. All recipients of the first batch have access to the funds as of Wednesday, according to the release.

Startup banks such as Chime said last Friday that they already had made the $1,400 payments available to their customers, while big banks such as Wells Fargo and Chase said the money would be available for their customers as soon as Wednesday, which the IRS said would be the official payment date .

Related: ‘Amazon can get anything in the world physically to your door in under 48 hours. It takes Uncle Sam six days’: Wells Fargo defends stimulus-check delay

The White House announced last week that $1,400 stimulus checks would begin arriving within days.

“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” White House press secretary Jen Psaki told reporters during a briefing on Thursday.

“This is, of course, just the first wave. But some people in the country will start seeing those direct deposits in their bank accounts this weekend, and payments to eligible Americans will continue throughout the course of the next several weeks.”

People can track the status of their third stimulus check on the “ Get My Payment ” portal. Users, however, cannot put updated checking account information in the portal at this time, according to IRS and Treasury officials.

More than 35 million people have found out their check’s status through the “Get My Payment” tool, the Biden administration said on Wednesday in its release.

The IRS has said it will not load the third round of payments on debit cards a person received in the first two rounds.  

“Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic,” IRS Commissioner Chuck Rettig said in a news release last Friday .

He added: “The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit IRS.gov for the latest details on the stimulus payments, other new tax law provisions and tax season updates.”

Rettig has previously noted the IRS’s capacity to quickly turn around direct payments.

Speaking before a House subcommittee on Feb. 23, Rettig talked up how quickly the IRS delivered the $600 stimulus checks, also known as economic impact payments or EIPs, that were provided by a $900 billion relief bill that then-President Donald Trump signed into law on Dec. 27 .

“These payments started posting to bank accounts just two days after enactment,” Rettig said in his testimony. He said that was due to the efforts of IRS employees to monitor the relief legislation and other advanced preparation.

“They gave us the ability for a quick turnaround,” the IRS chief said.

Senate Majority Leader Chuck Schumer, the New York Democrat, said last week that eligible Americans will have their stimulus checks by March 31.

“You will receive $1,400 checks by the end of March. Help is on the way,” the New York Democrat said shortly after the House approved the American Rescue Plan Act.

Biden signed Washington’s latest big relief bill into law last Thursday, after previously planning to sign it last Friday .

There has been a change in who will get stimulus checks in the new aid package, as Biden agreed to narrower income limits . Individuals making $80,000 a year or more won’t get the direct payments, while the cutoff for joint filers will be $160,000.

The IRS is basing its decisions on who is eligible to receive the payments on processed 2020 income tax returns. If those are not yet available, the agency will look at the adjusted gross income (AGI) listed on the 2019 return. If the IRS sends a payment based on a 2019 return, then gets the 2020 return and deems more money has to be paid — like for a child or dependent listed for the first time — it will automatically top off the already-sent payment with the extra amount owed.

Read more: Here’s who will get $1,400 stimulus checks

Also see: Fewer Americans will get a stimulus check this time around

The $1,400 payments on top of $600 checks just a few months ago means most Americans will get a total of $2,000, an amount that Biden and other Democrats promised to deliver while campaigning.

The COVID-19 pandemic’s first “stimmy” round came about a year ago, with $1,200 checks .

The first two rounds haven’t been without their glitches and snafus. For example, during the second round, when $600 payments were sent out, some TurboTax and H&R Block users had to wait because the money was sent to closed or inactive accounts once used to pass along refunds. This time around, the IRS has been working with banks and other financial institutions to make sure it’s sending the money to active accounts and avoiding inactive ones, Treasury and IRS officials said.

U.S. stocks (DOW:DJIA) (S&P:SPX) were mixed on Wednesday as investors awaited the outcome of a much-anticipated Federal Reserve meeting 

Now read: Is your income just over the threshold for the $1,400 stimulus check? Tax preparers give tips to help you qualify

Plus: Biden’s name won’t appear on stimulus checks, White House says

This is an updated version of a report that was first published on March 11, 2021.

Link to MarketWatch's Slice.