Stimulus Checks: Social Media Explodes After Coronavirus Payouts Hit Millions of Bank Accounts

Social media is celebrating as the first wave of coronavirus stimulus checks began to arrive [...]

By Allison Schonter

Social media is celebrating as the first wave of coronavirus stimulus checks began to arrive Wednesday morning. Although the Internal Revenue Service (IRS) confirmed over the weekend that the payouts had begun to be deposited, many Americans were left impatiently awaiting the payment to hit their bank accounts. An estimated 80 million Americans were expected to receive the money via direct deposit by Wednesday.

"We are pleased that many Americans are receiving their Economic Impact Payments," Secretary Steven T. Mnuchin said earlier this week. "This Administration is delivering fast and direct economic assistance to hardworking Americans, and we hope these payments will bring them much-needed relief."

A "large majority of Americans" are anticipated to receive their payouts, most receiving $1,200 for singles and $2,400 for married couples, within the next two weeks. Receiving the payout via direct deposit will allow for the process to be sped up. Meanwhile, paper checks are expected to begin being mailed out in waves based on income level beginning later this month.

As the stimulus money finally begins to reach bank accounts, many are celebrating. Social media has been flooded with reactions from those checking their account balance, leading to plenty of humorous memes. Keep scrolling to see how social media is reacting to the stimulus payouts.

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"We got our stimulus money. Already spent all of it at the [U.S. Postal Service] online store to help support the [U.S. Postal Service]," tweeted one person, referencing the concern surrounding the fate of USPS. The postal agency has warned that it could "collapse" as early as September without emergency funding.

"All my friends have received the stimulus and I'm sitting here like [crying face emojis]. This can't be life! I do not feel essential," joked another person, who added a gif with someone saying, "Please help me, I'm begging you."

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"Got my stimulus check, makes you think how great this would be every month. [Andrew Yang] has the right idea, give money to the people," commented somebody else in reference to the former Democratic presidential hopeful'' $1,000 a month universal basic income plan.

"Got my stimulus check today. With my plant on strike (thanks a lot [UAW]) I really did need this," added another. "Thanks [Donald Trump] and [Mike Pence] and Congress for getting this to the people. Few people may see this but it did help me."

"Me and my wife got the stimulus but we didn't get the money for our two kids, and they are qualifying dependents," wrote one person, echoing the issue that many American families with qualifying dependents are experiencing. "There seems to be a lot people with this problem, the [IRS] needs to tell us why and/or what to do to get this money?"

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"I received my stimulus money today and will be spending it on necessities," commented one person, who jokingly added the now-viral gif of Barefoot Contessa host Ina Garten sipping from a giant cocktail.

"Using my stimulus check to buy more stimulus checks," joked somebody else. "It's called Business."

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Unfortunately, some Americans may have a difficult time jumping in on the celebration train. As Americans flocked to check their bank accounts Wednesday morning to see if the stimulus money had been deposited, a number of banks' websites and mobile apps were down. The outages, caused by the high demand, affected U.S. Bank, PNC, Fifth Third, Bank of America, and several others.

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Issues also plagued the IRS website. Users attempting to access the new tool for non-filers to receive their payments and the tool that allows Americans to track their payments and provide their banking information complained that neither of the tools worked. According to some people, after entering the requested personal information, they would be told that it did not match the IRS' records. Some were even informed that they were blocked from attempting to enter their information again for 24 hours.

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For those who have received their stimulus payouts, there are plenty of ways to wisely spend the money. It has been recommended that Americans first put the money towards essentials, such as food, bills, and rent. The money could also be used to pay taxes, to reduce debt, or given to those in need. Amid the coronavirus pandemic, unemployment has reached record highs.

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Some people, however, are hopeful that more relief will be coming. With concerns that a single $1,200 payout for singled and $2,400 payout for married couples won't be enough, a new stimulus plan introduced Tuesday by Rep. Tim Ryan and Rep. Ro Khanna seeks to give most Americans 16 and older a $2,000 stimulus check each month for the next six months. The bill is backed by 17 other Democratic co-sponsors.

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