(Washington, DC) — The IRS is officially sending out stimulus checks. The agency announced that the first wave of checks are currently now being deposited. The checks are also known as the Economic Impact Payment or coronavirus stimulus check. IRS officials stated that they “know many people are anxious to get their payments” and say they will continue “issuing them as fast as we can.”
The average American who made less than $75,000 can expect to receive $1,200. Families will also get $500 for each child.
Many folks began seeing their checks on Monday. However, IRS officials say that by Wednesday, tens of millions of Americans should already have their checks in the bank.
The people getting their checks are the ones who filed tax returns in 2018 or 2019 and received funds through direct deposit. Any paper checks should go out starting early May. People who didn’t file taxes, are very low income or are older and don’t need to file a tax return will have to wait a little longer for their money.
Officials say the IRS is also currently creating a web portal where users can track their stimulus check. That tracker is expected to be launched this Friday.
The distributions are part of a $2.2 trillion dollar economic package passed by Congress last month.
First wave of stimulus deposits go out
