The Treasury Department will start issuing stimulus payment checks to Americans today as part of the federal COVID-19 economic recovery package. Eligible individuals can receive — up to $1,200 for individuals, $2,400 for couples, and an extra $500 for children — and the direct deposits would hit people’s bank accounts on Wednesday.
But just because the checks begin to post this week doesn’t mean that everyone will get their stimulus money on the first day, or even the first week. Those who’ve set up direct deposit with the IRS can expect to get their stimulus payment faster. The IRS is working on getting paper checks, beginning the first week of May, to the estimated 100 million Americans who don’t have direct deposit. Some 5 million checks will be mailed weekly over 20 weeks.
Hoping to expedite more payments, the agency will launch an online application later this month, called “Get My Payment,” that will allow taxpayers who filed tax returns in 2018 or 2019 to submit direct deposit information if they didn’t provide it on their tax returns. Recipients will also be able to track their payment with the IRS through a tracking tool that, according to IRS.gov, will be available mid-April.
Senior Citizens, Social Security recipients, railroad retirees, eligible U.S. citizens or permanent residents who had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019, or were not otherwise required to file a federal income tax return for 2019, and didn’t plan to can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info website: https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment.
The payments are part of the massive coronavirus economic package enacted last month aimed at giving a quick jolt to an economy ravaged by the pandemic. There has been some discussion of a second round of payments if Congress takes up another rescue measure.