Stimulus checks, taxes and timing: All you need to know

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.

BIDEN SIGNS $1.9T CORONAVIRUS RELIEF BILL IN FIRST MAJOR LEGISLATIVE WIN

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.

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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:

THIRD STIMULUS CHECK: WHO IS ELIGIBLE FOR THE MONEY, AND WHO ISN'T?

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:

$1,400 STIMULUS CHECK UPDATE: WHEN COULD YOU GET YOUR THIRD PAYMENT?

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:

YOUR 2020 TAX RETURN COULD AFFECT THE SIZE OF YOUR THIRD STIMULUS CHECK - HERE'S HOW

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.

$1,400 STIMULUS CHECKS CAN BE SEIZED BY PRIVATE COLLECTORS FOR UNPAID DEBTS

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:

PARENTS COULD RECEIVE $3,600 CHILD TAX CREDIT SOON - HERE'S WHAT YOU NEED TO KNOW