- President Joe Biden signed the $ 1.9 trillion stimulus package on Thursday.
- As of Friday, $ 1,400 stimulus checks had already reached people’s bank accounts.
- More direct deposits, physical checks and prepaid debit cards will be sent in the coming weeks.
- See more stories on the Insider business page.
The latest round of stimulus checks ended up in the bank accounts of thousands of people on Friday, according to The Wall Street Journal.
The $ 1,400 checks are the latest round of direct payments delivered to Americans since the coronavirus began about a year ago.
Treasury Department officials said on Friday that people should expect checks to start arriving this weekend after President Joe Biden signed the Democrats’ $ 1.9 trillion stimulus package on Thursday.
Officials said payments will be delivered in the coming weeks, with the majority through direct deposit, Politico said.
Current banking app told The Journal that it had already processed thousands of stimulus deposits. Chime, another banking app, said in Twitter it had already delivered $ 600 million in stimulus payments to 250,000 accounts.
More rounds of direct deposits are expected to be launched in the coming weeks, with the government saying the official payment date is March 17.
The IRS told Politico that paper checks and prepaid debit cards will also be sent by the end of the month to people whose bank information is not on file.
The latest round of checks is larger than the previous two and is worth a total of $ 411 billion, The Journal reported.