Millions of Americans will begin to receive their coronavirus stimulus checks as early as today, Thursday, April 9. According to an internal IRS plan obtained by the Washington Post, the first wave of payouts, encompassing an estimated 50 million to 60 million Americans, are expected to be sent out on Thursday or Friday of this week.
The first wave of stimulus money will land in the bank accounts of those people who have already given their bank account information to the IRS and Social Security beneficiaries who filed a federal tax return with direct deposit information. While an alert from U.S. Rep. Debbie Dingell said the checks were expected to hit in mid-April, likely the week beginning April 13, USA Today reports that some believe bank accounts could see the money as soon as Thursday or Friday.
Secretary of the Treasury Steve Mnuchin stated last week that Americans who had already given the IRS their bank account information would receive their relief funds "within two weeks."
"Social Security, you'll get it very quickly after [the first round of payouts]," he said. "If we don’t have your information, you'll have a simple web portal, we'll upload it. If we don’t have that, we'll send you checks in the mail."
The second round of payouts, for those who receive Social Security benefits via direct deposit but may not make enough money to be required to file a federal income tax return, could go out as soon as the week of April 20. A third and final round of checks, which would involve mailing actual stimulus checks, could begin sometime after April 24, though an exact date has not been pinned down.
Those first paper checks will go to families with the lowest incomes, with the Washington Post reporting that "taxpayers with incomes of $10,000 or less" will be prioritized. The outlet adds that checks for those earning $20,000 or less should be in the mail by May 1, with checks for those earning $30,000 or less going out by May 8 and May 15 for those earning $40,000 or less. The IRS intends to issue roughly 5 million checks every week.
For those hoping to get their payout sooner rather than later, it is recommended that they provide their banking information to the IRS. The IRS is expected to launch a web-based portal system sometime late next week. The system would allow people to provide direct deposit information.
The coronavirus payouts will go up to $1,200 for individuals or $2,400 for couples, with those who claim children as dependents receiving p to $500 for reach child. The payments start reducing for those with an adjusted gross income of more than $75,000.