The third and largest round of economic stimulus payments will begin to hit direct deposits of American taxpayers this weekend, according to the Internal Revenue Service (IRS).
The IRS announced of Friday that it will begin handing in the third round of economic stimulus payments this weekend.
The payments of $ 1,400 per person were part of the $1.9 trillion COVID-19 relief stimulus package that President Joe Biden signed yesterday.
The first payment will be sent via direct deposit and taxpayers will start receiving it before the weekend ends.
More will arrive this coming week, with additional batches sent in the coming week by direct deposit and through the mail as a check or debit card, the IRS says. Some 158.5 million households are expected to get payments.
IRS said that about 158.5 million American households will receive the payments, adding that more payments are expected to arrive next week, with additional ones sent by direct deposit and by mail to a check or debit card.
IRS added that payments are automatic, and in many cases, taxpayers will receive it in the same way they received the first and second batch of payments.
Charles Rettig, IRS Commissioner said in a statement that 'Payments will be automatically delivered to taxpayers even as the IRS continues to hand out tax refunds on a regular basis'.
The IRS website through its "Get My Payment" tool will display on Monday the status of payments, in which a Social Security number, date of birth, street address, and zip code will be required to access the service.
The third round of payments will be based on taxpayer income on the most recent tax return processed from 2020 or earlier, and a family of four can receive $5,600 in stimulus payments.
The package also includes benefits for health insurance and benefits for laid-off workers to stay on the employer-based plan.
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