Stimulus Checks: IRS Announces 1st Relief Payments Are Starting to Hit Accounts

As the coronavirus pandemic continues to keep Americans quarantined, the IRS has announced that the first stimulus check relief payments are starting to hit taxpayer's bank accounts. In a tweet on Saturday, the IRS revealed that it had submitted the first round of payments that same day. It also revealed that it will continue to get out more payments as quickly as possible.

"[The IRS] deposited the first Economic Impact Payments into taxpayers' bank accounts today. We know many people are anxious to get their payments; we'll continue issuing them as fast as we can," the tweet read. The IRS then added that for more info on the COVID-19 relief payments, citizens should got to irs.gov/coronavirus. Many users have since commented on the post, with one claiming to be a bank employee confirming that it can take some time for the money to be available in the account. "I work for a bank. The article is correct about it taking a few days. Funds still have to clear federal ACH clearinghouse but not available until Monday or Tuesday depending in your bank's funds availability policy," the user explained.

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Steve Mnuchin, the U.S. Treasury Secretary, addressed the stimulus check payments earlier this month, saying, "I'm now committing to two weeks. We're delivering on our commitments. This money does people no good if it shows up in four months." He later added, "Social Security, you'll get it very quickly after [the first round of payouts]. 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."

Per the terms of the stimulus bill, each tax-paying American citizen over 18 will receive a check in the amount of $1,200. Married couples will receive a check for $2,400, and parents will also get $500 for every child under 18. This may not be the only stimulus package, as President Donald Trump has previously said that at least one more may be necessary. "We could very well do a second round," he said last Monday, during a coronavirus task force briefing at the White House. At this time, the second stimulus package is is unconfirmed.