According to the IRS, the initial wave of coronavirus stimulus payments was officially initiated via direct deposit over the weekend. For countless individuals, these federal stimulus checks are a much-anticipated lifeline. As the unemployment rate soars to 13 percent—the highest level witnessed since the Great Depression—news of these deposits has provided a glimmer of hope for many.
The IRS took to Twitter to announce, “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We understand the urgency and anxiety surrounding these payments; we’ll continue processing them as swiftly as possible.” Priority is being given to individuals with lower adjusted gross incomes, ensuring they receive their checks first.
In the last four weeks, over 17 million Americans have sought unemployment benefits as non-essential businesses were forced to close and workers were directed to stay home. The government’s $2 trillion relief package, which allocates $290 billion for eligible citizens, has left many wondering, “When will the money arrive?”
The IRS has clarified that individuals with an adjusted gross income of up to $75,000 for single filers, $112,500 for head of household, and $150,000 for married couples filing jointly will qualify for the full $1,200 payment for individuals, and $2,400 for couples. Additionally, they will receive an extra $500 for each qualifying child.
Deposits will continue in the coming days and weeks, starting with those who filed tax returns for 2018 or 2019 and opted for direct deposit. Those who have not filed their returns, provided direct deposit information, or are recipients of Social Security may experience delays of several weeks or even months before receiving their funds. Paper checks are expected to be issued starting in early May at a rate of about 5 million per week, which could mean a wait of up to 20 weeks for some.
For those still in limbo, the Treasury Department and IRS announced a new tool that will allow Americans to register for and track their stimulus payments. The free “Get My Payment” tool enables taxpayers who filed their tax returns in 2018 or 2019 but did not provide their banking information to submit direct deposit details, expediting their payment process.
“A significant number of Economic Impact Payments will be distributed via direct deposit in the upcoming weeks, including for Social Security recipients and others who submit their banking information,” a senior Treasury official informed ABC News. “We are committed to ensuring that payments reach veterans, disabled individuals, and other vulnerable groups efficiently and securely.”
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In summary, the initial batch of coronavirus stimulus checks has begun to be disbursed, providing much-needed support as the nation grapples with unprecedented economic challenges. As more payments are rolled out in the coming weeks, tools for tracking these funds will assist Americans in understanding when they can expect their relief.
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