Americans have been waiting to get their hands on a coronavirus stimulus check from the U.S. government and the wait is over for some early receivers.
The Internal Revenue Service, or IRS, said Saturday that the first set of payments of as much as $1,200 for individuals have been deposited in bank accounts.
“We know many people are anxious to get their payments,” the IRS said, adding “we’ll continue issuing them as fast as we can.”
#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
The relief checks are much needed for citizens and families who have been affected by the economic fallout of the global coronavirus pandemic, due to business shutdowns and stay-at-home orders across the country. Because of this, almost 17 million people have filed for unemployment benefits in the past three weeks after many businesses, especially retailers and restaurants, were forced to slash their payrolls.
The stimulus checks are a part of the historic $2.2 trillion economic relief legislation that was passed by Congress and signed into law by President Donald Trump at the end of March.
According to the bill, those who make less than $75,000 per year are eligible for $1,200. Couples who filed jointly and earned less than $150,000 in salary will get $2,400. For those with children, $500 will be received per child for up to four children per household, making for a maximum possible payment of $3,400.
Those who make more than $75,000 would receive less of the stimulus. For every $100 made over the 75,000, $5 will be deducted. For individuals who made more than $99,000 or couples who jointly filed and made $198,000 per year, the payment goes down to zero.
The payouts will not be taxed, according to NBC News.
Although some disclosed getting their payment via social media, it could take months for others to receive any money.
The direct deposit of the money will be based on 2018 income filings for those who have yet to file for 2019. The IRS is also providing an online application and info site for those who don’t normally file taxes.
Citizens with government debts or owe back taxes will still be eligible to receive the stimulus payment. Those who have overdue child support debt could receive little to no payment.