Eligible Americans could start seeing their $600 coronavirus stimulus checks deposited into their bank accounts as early as Tuesday night.
The Treasury Department issued a news release notifying residents that work on distributing the money has begun and cash from the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 will be available soon.
Direct deposits are expected to be sent out starting Tuesday night through next week and paper checks will be mailed out starting Wednesday.
“Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” Secretary Steven T. Mnuchin said. “These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.”
.@USTreasury has delivered a payment file to the @FederalReserve for Americans’ Economic Impact Payments. These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week (1/2)— Steven Mnuchin (@stevenmnuchin1) December 29, 2020
Those who earned $75,000 or less in 2019 are eligible to receive $600 for themselves and $600 for each qualifying child. Married couples who joint file and earn up to $150,000 will receive $1,200.
Those with higher incomes will have their checks reduced, although it’s unclear by how much.
The payments will be distributed automatically, meaning there’s no need to opt in. The money will be sent in the same way in which you receive your tax refund.
The IRS has created a webpage for citizens to check the status of their payment beginning next week.
As the $600 stimulus payments began going out Wednesday, some Central Floridians were concerned they would not receive the financial assistance quickly due to outdated bank account information on file with the IRS.
“I need that money right away,” said Norene Rodriguez, who has been building up credit card debt since being laid off from her job in the homebuilding industry. “I’m pretty sure a lot of people need their money right away.”
Rodriguez changed banks after filing her 2019 income tax return, so the IRS no longer has her updated bank account information.
“(The payment) is going to get kicked back,” she said.
Recipients cannot change their payment information on file with the IRS, according to the agency.
Instead, a paper check or debit card will be mailed to the recipient.
If the check is not received, the recipient can claim the $600 payment on their 2020 income tax return as the Recovery Rebate Credit, according to the IRS.
President Donald Trump signed the coronavirus relief package Sunday, averting a government shutdown, but he also called on lawmakers to increase the checks from $600 to $2,000, an amount more likely to make a difference for those adversely affected by the pandemic.
The GOP leader filed new legislation late Tuesday linking the president’s demand for bigger checks with two other Trump priorities — repealing protections for tech companies like Facebook or Twitter that the president complained are unfair to conservatives as well the establishment of a bipartisan commission to review the 2020 presidential election he lost to President-elect Joe Biden, the Associated Press reports.