Per the IRS, the first stimulus checks were officially released via direct deposit over the weekend
For many, the federal government stimulus checks can’t get here fast enough. With the U.S. unemployment rate now sitting at 13 percent (the highest since the Great Depression), news that the first batch of deposits came over the weekend is giving some relief.
The IRS posted news of the checks on Twitter, saying in part, “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.” Individuals with the lowest income, based on adjusted gross income, will receive their checks first.
More than 17 million Americans have filed for unemployment benefits in the past four weeks after non-essential businesses and workers have been shut down and asked to quarantine at home. After the government announced a $2 trillion relief package that included $290 billion for eligible Americans, the question on everyone’s minds was, “When?”
According to the IRS, “eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.”
Deposits will continue in the days and weeks ahead and will start with people who have filed tax returns for 2018 or 2019 and who have authorized direct deposit. Those who haven’t filed returns, authorized direct deposits, or receive Social Security will likely have to wait weeks or months before seeing their money. In early May, the paper checks will be issued at a rate of about 5 million per week, but it could take up to 20 weeks to get all the checks out.
For those still waiting, The Treasury Department and Internal Revenue Service announced last week that it will launch a tool this week allowing Americans to register and track their stimulus checks so they know when the money will be coming. The free “Get My Payment” tool will allow taxpayers who filed their tax returns in 2018 or 2019 “but did not provide their banking information on their return” to submit direct deposit information to ensure they get payments faster.
“Millions more Economic Impact Payments will be issued via direct deposit in the weeks ahead as we issue payments to social security recipients and as other taxpayers provide banking information on the tools provided,” a senior Treasury official told ABC News. “We are working to secure the fast, secure and efficient delivery of payments to veterans, disabled, and other vulnerable populations.”