Stimulus Payments Are Arriving In Utahns’ Bank Accounts
SALT LAKE CITY, Utah – Stimulus checks started hitting people’s bank accounts over the weekend, part of President Joe Biden’s $1.9 trillion COVID-19 relief package that was signed into law March 10.
Not everyone has received their stimulus money, though.
Some might have it pending in their bank account until it’s cleared by their financial institution. Others may have their payments coming to them in a paper check or a prepaid debit card in the mail. And some won’t be eligible to receive money at all from this package due to the amount of money they made according to their most recent tax return.
Most Americans who haven’t already received it should get it via direct deposit by Wednesday.
The latest round of payments include $1,400 for individuals earning up to $75,000 and couples earning $150,000. Each child gets $1,400 as well. For a family of four, that’s $5,600 dollars.
“It’s kind of a cash cow,” said Shane Stewart, a certified financial planner with DMBA. “It’s going to everyone.”
He said he hopes that money is put to good use stimulating the economy.
“But more importantly to help the individual,” Stewart added. “There’s still people out of work.”
Financial experts anticipating more people will be using this stimulus money than previous ones, he said, noting that the first payments made to Americans in 2020 were most likely used on necessities such as food, rent and clothes.
Stewart suggested each person do what’s best for them, whether that means paying down debt or putting the stimulus into savings.
Local economists said this can add up fast for Utah families. The Beehive State is set to receive $3.8 billion in stimulus checks alone.
“We have the youngest population in the country,” said Robert Spendlove, senior economist for Zions Bank. “We also have the highest fertility rate in the country. So we have a lot of kids, and a lot of dependents, and a lot of larger families. So this will have a unique impact relative to the rest of the country.”
Income thresholds are based on a taxpayer’s most recent return. If they’ve already filed a 2020 return by the time the payment is sent, the IRS will base eligibility on their 2020 adjusted gross income. If not, it will be based on the 2019 return.
Direct deposits are first, and those payments are expected to be made to most recipients by St. Patrick’s Day. Paper checks and prepaid debit cards will be sent out before the end of March.
“It will be several weeks before they get everything out,” Stewart said. “So I wouldn’t panic right away.”
To check the status of your payment, click here to use the IRS’s Get My Payment tool.
Every member of Utah’s congressional delegation voted against the new COVID relief bill, arguing that the state doesn’t need much of what is coming.
Utah Sens. Mike Lee and Mitt Romney voted against the bill, calling it “wasteful” and a “monstrosity.”
Democrats, though, said the new relief package will boost the economy through consumer spending.
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