KNOXVILLE, Tenn. (WATE) — President Joe Biden signed the American Rescue Plan on Thursday, March 11 and tonight people are starting to see $1,400 direct payments in their bank accounts.
So, what are you planning to do with your stimulus check?
With two rounds of stimulus checks already distributed, the Treasury Department already has the process in place to issue the third relief payment quickly.
For those like Andrew Bereczky, “I’m probably going to buy a little bit of camera equipment I think.”
And Selena Rodriguez said, “I’ve been looking at investing for a while.”
But for others, this money will help them get back on their feet.
“I just recently lost my beater car with 275,000 miles and some change,” explained Colin Mais. “So I’ll be getting a new vehicle which is great because it’s definitely time.”
Elizabeth Plewniak is a mother of five. She says the stimulus money has been a huge blessing to their family, “Our next one we’re going to get, we’re going to use on school because some of our children go to private school and it helps us to pay for that and so I’m really thankful.”
There are a few differences between this Rescue Package and the other two.
John Vandergriff with Blue Ridge Wealth Planners explains:
“They went a step further and put $15 billion in for long term low-interest loans for small business administrations so that is something that is available for small businesses around East Tennessee. But then also they put in a $25 billion grant for specifically bars and restaurants.”
The goal is to help businesses struggling the most and working and middle-class households.
People who qualify for the $1,400 are single people earning less than $75,000 and married couples earning up to $150,000.
The IRS said additional $1,400 payments will be sent via direct deposits and through the mail as checks or debit cards in the coming weeks.