UPDATE: First Batch Of Coronavirus Stimulus Checks Have Been Sent!
The wait is over… for some Americans. As promised, the IRS has started sending coronavirus stimulus payment to eligible Americans who have direct deposit.
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The official Twitter account for the IRS announced the first wave in a tweet Saturday: “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today,” the tweet said. “We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.”
As we previously reported, the payments are part of the $2.2 trillion package passed by Congress at the end of March. It’s intended to help workers who have been laid off or furloughed due to the pandemic. As the New York Post reports, individual taxpayers who make less than $75,000 will be eligible for $1,200 checks while married couples filing jointly who make less than $150,000 will get $2,400. On top of that, they will also be eligible for $500 for each dependent child under 17.
Couples who earn more than $198,000 will not get a check.
The income amounts are based on tax returns filed for 2018 or 2019. Those who do not use direct deposit will get physical checks. However, that could delay the process by weeks.
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