IRS plan: 50 million Americans to receive first stimulus payout todayApril 9, 2020
The US government is preparing to send out direct payments to help individuals amid the coronavirus pandemic, but those who need the money most may be waiting the longest to see it. Packs of freshly printed 20 USD notes are processed for bundling and packaging at the US Treasury's Bureau of Engraving and Printing in Washington, DC July 20, 2018. (Eva Hambach/AFP/Getty Images)
JACKSONVILLE, Fla. – The much-awaited stimulus payouts will begin flooding into millions of bank accounts starting today, according to an internal plan circulated by IRS Treasury Secretary Steven Mnuchin.
The first payout is estimated to cover at least 50 million Americans.
Will you get paid today?
The first wave of payments will be issued to people who have already given their bank account information to the IRS and Social Security beneficiaries who filed a federal tax return with direct deposit information.
The next wave of money will be paid no later than the week of April 20. The third and final round is dedicated to payments being made through check. Those will be mailed at an undetermined date.
Groups of checks would be then mailed over the next several weeks. It could take until May or August for recipients to see the money.
To ensure you receive your money as soon as possible, make sure the IRS has your bank account information on file. A direct deposit option will serve you sooner than a physical check.