Americans across the country are growing impatient as they await their coronavirus stimulus checks. With unemployment reaching a record high due to the pandemic, which has led to widespread stay-at-home orders and likewise the temporary closure of many businesses, people across the country are looking forward to the much-needed payout.
On Saturday, the Internal Revenue Service (IRS) announced that the first of the payouts had begun to be deposited into some bank accounts, with the remainder of the checks set to continue rolling out. It is anticipated that millions of Americans will receive their payouts this week via direct deposit, with physical checks set to start being mailed out later this month.
#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. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS— IRS (@IRSnews) April 11, 2020
With news that the payouts are beginning to be made, many people are keeping an eye on their bank accounts, leading to plenty of impatient social media reactions. Keep scrolling to see how social media is awaiting their deposits.
"Me: Did my Stimulus check hit yet? Bank Account: $N0.00," one person joked.
"It doesn't take the Government this long to charge me income tax every other week," tweeted another person, who used the now-trending "stimulus deposit" hashtag.
"When you see [stimulus deposit] is trending so you go check your bank account but it isn't there and now you're reminded of how broke you are," reacted another person.
"Woke up to not a d– thingmy bank account. WHERE IS MY MONEY!!!" asked somebody else. "Got me sitting in front of my MacBook HEATED!"
"So was playing around in Cash App and my stimulus check hit for those who think everyone is lying about the stimulus check," responded another to the other social media users speculating that the deposits may not be happening at all.
"When everyone's getting there (sic) money but I'm sitting here with 1.30 In my bank account instead of 1,201.30," joked one person.
"Coronavirus stimulus payment was direct deposited into my bank account this morning!" wrote another. "I'm almost in tears. We needed this so much. Check your accounts!"
It is expected that most Americans will receive a stimulus check, though there are some restrictions. Those who qualify include single residents with an adjusted gross income under $99,000; anyone who files as the head of a household earning less than $146,000; and anyone who files jointly without children and earn under $198,000. It has also been reported that children 17 or 18 years old will not receive a check and some college students between 19 and 23, adults who can be claimed as dependents, those without a green card, estates and people who have not filed 2018 an 2019 tax returns are not eligible.
The payouts will also vary, with each individual having the potential to receive up to $1,200 and each couple up to $2,400. Those with children will receive an additional $500 for each child. Payments begin to decrease for those who have an adjusted gross income of more than $75,000. The number will decrease $5 for every $100 in income.
Everyone’s getting their #Stimulusdeposit
*Checks bank account pic.twitter.com/M00FTvjoY0— Ray (@FoxHoundKnight) April 13, 2020
The payouts are set to go out in waves, with the first wave having begun last week for those 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. The second round of checks will be 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. A third and final round of checks, which could begin happening late this month, will involve sending physical checks via mail.
Of course, there are ways to speed up the process, with the IRS launching an online portal for people to enter their banking information to receive their checks via direct deposit. The IRS is also set to launch the "Get My Payment" tool, which will allow people to track their stimulus payments and also allow those who filed their tax returns in 2018 or 2019 but did not provide their banking information to submit direct deposit information. That app is set to launch sometime this week.