Because so many Americans have been laid off and furloughed due to the Coronavirus (aka COVID-19) pandemic, they are waiting for payments from the recently passed stimulus bill. However, it’s not as simple and putting money in everyone’s hands.
NBC reported that those with direct deposit information on file with the IRS will probably not see their cut until the week of April 13 — that accounts for between 50 and 70 million Americans. Note that anyone who receives social security will should be in this batch since they also have their direct deposit info.
After that, the IRS will issue paper checks to the rest of folks about three weeks later (around May 4). They can process about 5 million checks in a given week. They estimate this will take 20 weeks, so some Americans won’t see the money for about 5 months. Lowest-income Americans will be prioritized at the beginning of issuing of paper checks.
Click here for the IRS page about Economic Impact Payments.
