Biden says stimulus checks will come this month after the bill is passed

President Joe Biden said on Saturday that Americans would start receiving their stimulus checks this month, as Democrats rushed to send more aid.

“When we took office 45 days ago, I promised the American people that help was on the way. Today, I can say that we have gone one step further to keep that promise that help is on the way, ”Biden said. at an afternoon press conference.

“This plan will allow Americans who desperately need this help to receive checks starting this month,” the president said.

The Senate passed the $ 1.9 trillion coronavirus relief package earlier today, sending it back to the House for final approval. The Democratic-led House aims to pass the bill on Tuesday. It will then be forwarded to Biden for his signature, which is expected before the deadline of March 14, when the enhanced federal unemployment benefits will expire.

The legislation includes direct payments of up to $ 1,400 to most Americans, a weekly increase of $ 300 in unemployment benefits until September, and an extension of the child tax credit for one year. Checks are starting to be phased out at $ 75,000 for single filers, $ 112,500 for heads of households and $ 150,000 for joint filers.

As with the first two stimulus checks, the majority of payments will be sent by direct deposit to those who already have their banking information filed with the IRS. Based on the latest checks for $ 600, that money could start arriving within two weeks of the legislation being finalized, according to Garrett Watson, senior policy analyst at the Tax Foundation.

The remainder of the direct payments will be made by mail in the form of debit cards or checks. These payments may take longer to arrive, potentially in April and May, Watson said.

– CNBC’s Lorie Konish contributed to this report.

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