According to the IRS, the initial wave of stimulus payments was officially initiated via direct deposit over the weekend. As the U.S. grapples with an unprecedented unemployment rate of 13 percent—the highest since the Great Depression—this news offers a glimmer of hope.
The IRS took to Twitter to share the update, stating, “#IRS has deposited the first Economic Impact Payments into taxpayers’ accounts today. We understand that many are eager to receive their payments; we will continue to process them as quickly as possible.” Those with the lowest adjusted gross income will receive their payments first.
In the last four weeks, over 17 million Americans have sought unemployment benefits due to the shutdown of non-essential businesses and the need for workers to quarantine at home. Following the government’s announcement of a $2 trillion relief package, which allocates $290 billion for qualifying individuals, the question on everyone’s mind has been, “When will the funds arrive?”
The IRS clarified that individuals with an adjusted gross income of up to $75,000 for single filers, $112,500 for heads of household, and $150,000 for married couples filing jointly are eligible for the full $1,200 and $2,400 for couples, along with an additional $500 per qualifying child.
Payments will continue to roll out in the coming days and weeks, starting with those who filed tax returns for 2018 or 2019 and opted for direct deposit. Those who haven’t filed returns, authorized direct deposits, or receive Social Security will likely face delays of several weeks or even months before their checks are processed. By early May, paper checks will be issued at a rate of about 5 million per week, which means it could take up to 20 weeks for all checks to be distributed.
For those still waiting, the Treasury Department and IRS announced last week that they will launch a tool this week to help Americans register and track their stimulus payments, ensuring they know when to expect their funds. The complimentary “Get My Payment” tool will enable taxpayers who filed tax returns in 2018 or 2019 but did not provide banking information to input their direct deposit details for faster payments.
“Millions more Economic Impact Payments will be distributed via direct deposit in the weeks to come as we process payments for Social Security recipients and as other taxpayers submit their banking info through the available tools,” a senior Treasury official informed ABC News. “We are dedicated to ensuring the swift and secure delivery of payments to veterans, disabled individuals, and other at-risk populations.”
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In summary, the first round of coronavirus stimulus checks has begun to be distributed, primarily benefiting those with lower incomes. With millions of Americans anxiously awaiting their payments, the government is working swiftly to ensure that relief reaches those in need.