If you’re anxiously checking your bank account hoping for a much-needed deposit, don’t worry, you’re not alone.
An estimated 80 million people will get their stimulus payments via direct deposit this week, CNN reported, citing the Treasury Department.
The payments are part of the $2.2 trillion rescue package signed into law last week by President Donald Trump aimed at combating the economic ravages of the coronavirus outbreak.
Who qualifies for a check?
Anyone earning $75,000 or less will receive $1,200 as a direct deposit into their bank account, distributed by the IRS.
Married couples who make less than $150,000 a year will receive $2,400 plus $500 for every child under 17.
Those who earn more than $75,000 but less than $99,000 will receive money as well, but the amount will be reduced by $5 for every $100 they make over $75,000, according to the IRS.
How will I get my check?
Direct deposit is the preferred method for the government to issue the money, but paper checks will be mailed eventually as well.
For most who file their taxes and use direct deposit, the IRS will deposit stimulus payments into the account associated with their 2018 or 2019 taxes.
The IRS must print and mail paper checks to Americans who did not file taxes electronically. They should start receiving their checks after April 24, when about $30 million in paper checks are scheduled to be mailed out.
When will I see the money in my account?
Some in Central Florida have already received their payments. Those who have filed their 2018 or 2019 tax returns and have also authorized a direct deposit will receive their money first.
Those who haven’t filed returns, haven’t authorized direct deposit, or don’t receive Social Security, will have to wait longer for their payments.