Some Americans will see extra money in their Bank Accounts within the next few days. The first batch of Stimulus Payments from the Biden Administration’s $1.9 Trillion COVID Relief Package are rolling out.
President Joe Biden says the “American Rescue Plan Act of 2021” will give the COVID-stricken US Economy a much-needed boost. The President adding: “It changes the paradigm for the first time in a long time, this Bill puts working people in this Nation first. It’s not hyperbole. It’s a fact.”
Direct Deposits are going out first, with $1,400 for eligible people who make less than $75,000, Heads of Households who earn less than $112,500, and Married Couples who bring in less than $150,000. Ted Jenkin, the CEO of OXYGen Financial Inc. adding: “If you have kids under the age of six, you will get an additional $3,600 over the next year and if you have kids aged 6 to 17, you will get an additional $3,000 per child over the next year, and of course for unemployment that $300 extra per week extra will continue until September 6th.”
The IRS will base the amount sent out on either 2019 or 2020 tax returns. Critics of the plan say the $1.9 Trillion package is too costly. Sen. Mitch McConnell saying: “We’re doing damage to the future of this Country by spending dramatically more money than we obviously need.”