President Joe Biden, or “Moneybagg Joe” as the Twitter streets have named him, signed into law a sweeping COVID-19 relief bill that insured Americans will be collecting a light bag. The Biden Bucks have started to arrive in some bank accounts via direct deposit, and Twitter is letting everyone know that they’ve got their cash in hand with some hilarious results.
The phrase “direct deposit” began trending on Twitter Saturday morning (March 13) with some people claiming they’ve gotten a bit of cash in their bank accounts. In a Washington Post report on Friday (March 12), one Virginia man said he found a pending post in his bank account, “IRS TREAS 310 – TAXEIP3” to the tune of $6, 892.90 for him and his five family members.
Under the new law, single filers can expect to receive as much as $1,400 if they make under $80,000 according to reports. Another key component of the law is that single filers need to have an AGI under $75,000 to qualify for the $1,400 payment, with joint filers earning a combined $2,800 and an additional $1,400 for each dependent.
The new American Rescue Plan has slightly stricter payment stipulations than the relief laws that went into place under the former administration, which was said to appease moderate Democrats who balked at the costs much like their conservative and Republican counterparts.
It appears that those individuals who have previously received refunds from the IRS via direct deposit have their information on file with the government agency and should be among the first to receive their checks. For others, there might be some significant delays although the speed at which the IRS is working currently might be more favorable to those awaiting the boost than not.
The IRS previously had the “Get My Payment” tool live but it has been temporarily shut down, presumably due to people checking in droves to found out when they’ll be paid. Learn more about the EIP here.
Check out some of the reactions to people getting their direct deposit payments here.