Who gets the third stimulus check, and when?

The third round of stimulus cash could start arriving as soon as this weekend for those with direct deposit, giving many an extra financial lift after being ground down by a year-long pandemic. 

And we’ll know more specifics soon now that President Joe Biden signed the American Rescue Plan relief package into law Thursday afternoon, a day sooner than had been expected.

Biden said the relief package was “about rebuilding the backbone of this country” and giving those who are struggling a “fighting chance.” 

Thursday marked the one-year anniversary of when the World Health Organization declared COVID-19 a global pandemic.

Jen Psaki, White House press secretary, told reporters in Washington on Thursday that people will start seeing direct deposit of the stimulus checks as soon as this weekend. 

But the latest stimulus money — up to $1,400 per person who qualifies — isn’t the only part of the massive $1.9 trillion COVID-19 relief package that will help many families who may have trouble paying their bills.

“For people who are financially stressed, there’s a lot of good news for them,” Kathy Pickering, chief tax officer at H&R Block, said in an interview Thursday. 

We’re looking at some key tax-related benefits for many people who lost jobs in 2020 and some families with young children. 

Here’s how the latest relief package could hit your wallet and what you need to know: 

When will the third stimulus check arrive? 

If we know anything about stimulus money by now, we’ve come to learn that it all doesn’t arrive at the same time. That could be true this time around, too, but there aren’t any details yet. 

Tax professionals and others continue to wait for clarity from the Internal Revenue Service about the specifics involved with the rollout. 

If the IRS sends you that money via direct deposit, you’ll likely be among the first to receive it, possibly as soon as this weekend, the White House says.

As part of the direct deposit process, the U.S. Treasury would start to send electronic messages to banks on Friday but bank accounts would not see any extra cash available immediately. 

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