Unlike Trump, Biden won’t put his signature on Coronavirus stimulus checks

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Unlike Trump, Biden won’t put his signature on Coronavirus stimulus checks
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Congress is now close to passing the massive $1.9 trillion relief package, and soon you will get the stimulus check of up to $1,400. This time, however, stimulus checks will look a bit different. Unlike the last time when the coronavirus stimulus checks carried the name of Donald Trump, the checks this time won’t carry the signature of President Joe Biden.

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Coronavirus stimulus checks won't carry Biden's signature

On Tuesday, the White House informed that Biden’s name won’t appear on the memo line of stimulus checks.

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At the time of the first coronavirus stimulus checks issued last year, Trump asked the IRS (Internal Revenue Service) to put his name on the stimulus checks. Trump’s name appeared in the memo line and not the signature line because the president is not legally allowed to sign Treasury Department disbursements.

“I’m sure people will be very happy to get a big, fat, beautiful check and my name is on it,” Trump said at the time.

For Biden, however, putting the name on is not the priority, White House press secretary Jen Psaki said, adding that the checks will be signed by the “career official.”

“We are doing everything in our power to expedite the payments and not delay them, which is why the president’s name will not appear on the memo line of this round of [stimulus] checks,” Psaki told reporters. “This is not about him. This is about the American people getting relief.”

Psaki said Biden did not believe it was “necessary” for the checks to have his name, rather he wants “to get them out as quickly as possible.”

When to expect the payment?

Biden may not sign the stimulus checks, but he will certainly need to sign the $1.9 trillion aid bill. The legislation is expected to land on Biden’s desk sometime this week. On Saturday, the Senate approved the $1.9 trillion bill with a few amendments.

The House of Representatives will take up the bill on Wednesday. On Tuesday, the Democratic leaders informed that they have the votes to give final approval to the $1.9 trillion legislation.

Psaki noted that sending stimulus checks as quickly as possible is the top priority for Biden. So, as soon as Biden approves the package, the stimulus checks will start to go out. The IRS will first send payments for whom it has direct deposit information.

This $1.9 trillion relief package offers stimulus checks of up to $1,400. Those with AGI (adjusted gross income) of up to $75,000 (heads of households up to $112,500 and married couples earning up to $150,000 jointly) will get the full payment.

Eligible families will also get $1,400 for dependents. The payment will completely phase out for those with AGI of $80,000 of more ($120,000 for heads of household and $160,000 for couples filing jointly).

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Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@wordpress-785388-2679526.cloudwaysapps.com
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