It has been a whirlwind week for President Biden's $1.9 trillion coronavirus relief bill, which cleared the Senate on Saturday, the House on Wednesday and became law on Thursday.
The measure includes $1,400 stimulus checks for many Americans, extended unemployment benefits at $300 a week through Sept. 6 and a generous one-year expansion of the child tax credit.
But there's a lot of fine print that could affect how much money you receive from the American Rescue Plan — or whether you're eligible at all. FOX Business lays out exactly what consumers need to know.
Are you eligible for a check? Not everyone is
This round of stimulus is slightly different than the first two rounds of payments, including more restrictions on who qualifies for a check and who doesn't. To find out where you stand read on:
When may your payment arrive?
White House press secretary Jen Psaki, on Thursday, said some Americans could see the money in their bank accounts as early as this weekend. However, the speed of the payments depends on several factors, including the IRS. The specifics are outlined here:
Your 2020 taxes are key for stimulus payments
If taxpayers have not filed their 2020 tax return as of Thursday, the IRS will likely rely on their 2019 tax return to calculate how much money that person is owed. For those Americans who fell into financial hardship last year, that may mean your check could be lower because you earned less money than in the pre-pandemic 2019. Here's the breakdown:
Unpaid debts? Debt collectors get greenlight
Unlike the first two payments, which explicitly prevented creditors from snatching the money, the checks will not be exempt from garnishment. For more details on how much could be clawed back read on.
Parents: What to know about the child tax credit
The one-year expansion of the child tax credit is considered generous, according to experts, with families inline to potentially receive $3,000 to $3,600 in payments. The age brackets and breakdown of estimated payments can be found here: