CLEVELAND — For many, St. Patrick’s Day brought a little more than the luck of the Irish; it meant their stimulus check was deposited into their bank account. The following banks said they would release stimulus funds, which amounts to about $1,400 per person, on Wednesday:
- Chase
- PNC
- Wells Fargo
The checks are part of the first batch issued by the federal government, with some already receiving them as early as March 12.
Haven’t received your stimulus check?
The IRS has set up a website to update your stimulus status: https://www.irs.gov/coronavirus/get-my-payment
From there, you can click "Get My Payment," and enter your information to learn if your check has been processed with an available payment date, or if you will receive yours by mail.
Who can receive a stimulus check?
On March 11, 2021, President Joe Bidensigned the American Rescue Plan Act of 2021 into law. Along with an extension of federal unemployment insurance benefits through Sept. 6, 2021, and an increase to the current child tax credit for 2021,this plan includes Economic Impact Payments, commonly known as stimulus checks, for millions of Americans.
An estimated 89% of tax filers will receive a third direct payment worth up to $1,400 for each individual and dependent. Eligibility and payment amounts are determined by income.
Anyone with an adjusted gross income (AGI) less than $75,000 (less than $112,500 for head-of-household filers and less than $150,000 for married couples filing a joint return) will receive $1,400 for each individual and dependent. That amount decreases if your AGI is above the listed amounts. Payments are phased out completely for single filers with an AGI above $80,000, head-of-household filers with an AGI over $120,000, and married couples filing jointly with an AGI exceeding $160,000.
Can you receive a stimulus check without a permanent address?
Yes - Homeless Hookup CLE did some digging for those in the community they help, since many do not have a bank account or a permanent address.
Under the IRS website, an individual or family can enter a homeless shelter as their address and link a PayPal or Cash App account to receive their stimulus.
“Fourteen-hundred dollars could mean life or death for some people,” executive director Dean Roff said. “Luckily, right now, we’re not getting that polar vortex, but a lot of people are still out there maybe getting one meal a day.”
While the money could bring a lot of relief, Roff told News 5 that Homeless Hookup CLE is preparing for a rise in the free Narcan they hand out. They said they saw a 38% rise in overdoses after the last round of stimulus checks. To make a donation to the non-profit, click here.
How will Americans spend their stimulus?
Experts have called the latest round of stimulus checks rocket fuel for the economy, trickling throughout as more Americans are able to spend money where they need it.
Timing of these latest stimulus checks couldn’t be better for those who work at FOUNT, a Cleveland-based leather goods company. They’re among the many businesses waiting to see how Americans will spend their stimulus.
“We’re hoping our clients look to us for this upcoming Mother’s Day,” vice president Jade Steger said.
A June 2020 report from the U.S. Census Bureau during the first round of stimulus checks said about 80% of those who responded would use it on household expenses such as rent, mortgage and utilities. About 20.5% planned to spend the check on disposable items, such as clothing.
That number all but disappears in a recent survey from bill pay service doxo, with the majority still using it for household bills.
