The third round of coronavirus relief checks are on the way.

After a lot of deliberation, the House and Senate both passed the $1.9 trillion American Rescue Plan. President Joe Biden officially signed the bill into law earlier today. Most Americans who received a stimulus check the past two times will receive the third.

Who will receive the stimulus checks?

Under The American Rescue Plan, individuals making $75,000 or less and  couples earning up to $150,000 will receive $1,400 per person. Partial payments will only go to individuals making less than $80,000 and couples making less than $160,000.  On top of that, the bill states that you will also receive an additional $1,400 for each dependent child.

While we're on the topic of children, the bill includes a child tax credit that gives some families $3,000 per child per year, which you can learn more about by clicking here.

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So when can you expect to see the money land in your account?

According to USA Today, White House press secretary Jen Psaki says that the first round of check should be direct deposited into your account by this weekend. All other eligible Americans should receive their checks over the next several weeks.

How will the IRS determine who gets a check?

The Internal Revenue Service will base how much money people will get off of the latest tax returns that they have on file. For example, if you have already filed your taxes for 2020, your check will be based off of your income from last year. If you have not filed already for 2020, your 2019 tax returns will be used.

So be on the lookout for those stimulus checks in your accounts, if you qualify. They'll come as a huge help for many families.

(H/T- USA Today)

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