Stimulus Payments Are On The Way
Getty

The first wave of coronavirus-spurred stimulus payments have been directly deposited into Americans’ bank accounts, and more are expected to arrive very soon. The IRS made the announcement via Twitter over the weekend.

According to the House Committee on Ways and Means, the IRS will make about 60 million payments to Americans via direct deposit this week, using bank information provided on 2018 and 2019 tax returns. The committee expects the second run of payments to go out approximately ten days after the first wave. Those payments will primarily focus on social security beneficiaries who did not file taxes in 2018 and 2019 and receive their benefits through direct deposit.

The third wave of stimulus payments will be directed toward those who do not have direct deposit information on file by that time. Those payments will go out via paper checks on or around the week of May 4. If banking information isn’t currently on file with the IRS, taxpayers can update their information with the IRS using the IRS portal.

Most adults who make $75,000 in adjusted gross income as individuals, $112,500 as heads of household and $150,000 as a married couple will see a $1,200 stimulus payment. Individuals and households that bring in salaries above that threshold will see reduced payments. Anybody who makes $99,000 as an individual or $198,000 as a married couple will see no payment.

Senate stimulus package allows for $1,200 bank deposit for most Americans
WASHINGTON, D.C. – MARCH 25: U.S. Senate Majority Leader Mitch McConnell (R-KY) gives a thumbs-up as he arrives at the U.S. Capitol on March 25, 2020, in Washington, D.C. The Senate reportedly reached agreement early this morning on a stimulus bill to combat economic effects caused by the COVID-19 virus and is expected to pass the bill later today. (Photo by Win McNamee/Getty Images)

For those Americans eager to see when their check will arrive, the IRS is launching a new tool that will be available on the Economic Impact Payment web page starting Friday, April 17. “Get My Payment” will help people check their status to see approximately when their payment will hit and take other stimulus-related actions. 

ESSENCE is committed to bringing our audience the latest facts about COVID-19 (coronavirus). Our content team is closely monitoring the developing details surrounding the virus via official sources and health care experts, including the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC) and the Occupational Safety and Health Administration (OSHA). Please continue to refresh ESSENCE’s informational hub for updates on COVID-19, as well as for tips on taking care of yourselves, your families and your communities.

TOPICS: