There is still some time to submit bank account information to the Internal Revenue Service to get your stimulus payment faster, but not very much. As the IRS continues to send out stimulus checks to taxpaying Americans, there are ways to get yours a lot quicker as the coronavirus-caused unemployment rates climb to staggering new amounts. Per the details of the $2.2 trillion stimulus package, known as The CARES Act, a number of citizens who pay taxes are eligible to receive a $1,200 stimulus check. Couples will receive $2,400, while parents will get $500 for each child under 18.
Most people will get their money directly deposited into their bank accounts as the IRS is using the banking info that was provided to them during tax filings. However, for those who have not provided their direct deposit information, there is a way to get your money faster than waiting for a check. On Friday, the IRS stated taxpayers who qualify for the one-time stimulus payment now have until noon, Wednesday, May 13 to get a hold of their money by submitting direct deposit information via the "Get My Payment" site. This tool allows taxpayers to enter their current bank information, which will help the IRS get their payment out sooner, and also allows users to track their stimulus check, as it is updated daily.
The #IRS Get My Payment tool is operating at record volumes. So far, 9.8M people got an Economic Impact Payment status and 1.6M provided direct deposit info. In some situations, the app responds: Status Not Available. Learn what this means at https://t.co/z4wFEL6Sb2 pic.twitter.com/3BvNibfZ69— IRS (@IRSnews) April 15, 2020
In a statement provided to TIME on April 16, a spokesperson for the Treasury said that officials currently expect the first paper checks to "be in the mail early next week." Erica York, an economist at the nonprofit Tax Foundation also spoke with the outlet and clarified, "The vast majority of people won’t have to do anything to get their recovery rebate because the IRS already has their information on file and will automatically send payments to these individuals." York later added, "Paper checks are expected to take longer than direct deposit and likely won’t be sent out all at once, but instead dispersed over a period of several weeks. People who do not have direct deposit information on file with the IRS should expect a delay in receiving their payment." At this rate, York says, it could take up to five months for some citizens to receive their checks.
Additionally, for citizens who are on Social Security, Railroad Retirement or Social Security Disability Insurance, they also won't have to do anything extra to get their money. The IRS will be using whatever information it has on file to calculate their payment. Time reports that those individuals can expect the payments to go out no later than the first part of May.