WASHINGTON — If you're still waiting on your third COVID-19 stimulus check, be on the lookout because another batch of $1,400 payments are being sent out this week.
Around 90 million payments were delivered during the first batch shortly after the American Rescue Plan was signed into law.
The Treasury Department and Internal Revenue Service announced Monday that the second batch of payments is being issued this week.
According to the announcement, direct deposits during this next round should hit bank accounts on Wednesday, March 24.
However, the agencies noted that a large number of the payments going out now will also be mailed. So those who won't see a direct deposit on March 24, should watch their mail carefully for a paper check or prepaid debit card.
Treasury and IRS said that additional batches of payments will be going out on a weekly basis moving forward.
The COVID relief bill included $1,400 stimulus payments for Americans who filed individually and made up to $75,000, or $2,800 for couples who made up to $150,000. The amount drops dramatically beyond those income caps, zeroing out at $80,000 and $160,000 income, respectively. There's an additional $1,400 for all dependents.
“The IRS continues to send the third round of stimulus payments in record time,” said IRS Commissioner Chuck Rettig. “Since this new set of payments will include more mailed payments, we urge people to carefully watch their mail for a check or debit card in the coming weeks.”
According to Monday's announcement, paper checks will arrive by mail in an envelope from the U.S. Department of the Treasury. For those who received their tax refund by mail, this paper check will look similar, but will be labeled as an “Economic Impact Payment.”
The IRS also recently re-launched the “Get My Payment” tool on the IRS.gov website to help Americas track their own payments.
'Payment status not available'
If you are getting "Payment Status Not Available" from the IRS stimulus check tracker -- don't be alarmed.
According to the IRS, if you receive that message it can mean one of three things:
- You are not eligible for the payment.
- The payment has yet to be processed
- The IRS doesn't have enough information to issue the payment to you
The agency said it will continue to issue the 2021 Economic Impact Payments throughout 2021.
When will SSI get their third stimulus check?
A date has yet to be set for when those receiving Social Security and other federal beneficiaries will get their money. Though the IRS has said those recipients will generally receive the third payment the same way as their regular benefits.
The IRS said if someone did not file a tax return and they receive SSA, RRB, SSI or VA benefits and their benefits are currently deposited to a Direct Express card, then the 2021 Economic Impact Payment will be deposited to that card.
Am I eligible for the third stimulus check?
The American Rescue Plan provides households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives.
The payments start declining for an individual once adjusted gross income exceeds $75,000 and go to zero once income hits $80,000. The payment starts declining for married couples when income exceeds $150,000 and goes to zero at $160,000.
A qualifying family of four would receive $5,600.
Do college students, adult dependents get the third stimulus check?
Unlike the first and second rounds of checks, payments for dependents in the third round are not restricted to only children under 17.
According to the IRS website: "Eligible families will get a payment based on all of their qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents and grandparents."
Now it's important to note that if you're a dependent, the check won't go to you, it'll go to whoever claims you as a dependent.
Can the $1,400 checks be seized by banks or creditors?
It depends on the type of debt that you have and who would be attempting to collect it. Like the previous rounds of stimulus checks, this aid can NOT be garnished by the federal government or the IRS. But it could be potentially garnished from private companies.