What You Need To Know About Your Coronavirus Stimulus Check
In March, President Donald Trump signed the Coronavirus Aid and Economic Security Act into law to provide economic relief for citizens due to the recent pandemic. Some people have already received their checks directly deposited into their bank accounts, but for others this could be quite the waiting game.
According to mcclatchydc.com, the Internal Revenue Service began issuing checks on Friday, April 10, with as many as 70 million Americans expected to be receiving their payments by April 15 if they have Direct Deposit on file with the IRS.
The breakdown is $1,200 for individuals making less than $75,000 per year plus an additional $500 for each dependent child. Married couples that make less than $150,000 a year will receive $2,400 plus $500 for each dependent child. This first wave of payments will go towards people who filed in 2018 or 2019 and have direct deposit information on file.
For people who did not file taxes in either of those 2 years the IRS has set up a portal so you can set up your direct deposit information with the IRS click here. This site does not allow people to change their direct deposit information that is already on file due to the possibility of fraud. Starting on April 17 the IRS is hoping to have a website set up to track your payment click here. If you do not have direct deposit on file it could be months before you will receive a paper check in the mail.