First Stimulus checks of Coronavirus would be releasing payments by april 15, us treasury
On March 25th, Congress announced a multi-trillion package designed to provide relief to US citizens and revitalizing the halted US market amidst the COVID-19 pandemic. Earlier this month, the Internal Revenue Service revealed that the first wave of coronavirus stimulus relief package checks had gone out, and most eligible US citizens will receive their checks by April 15th.
Eligible Americans will get relief payments of up to $1200 and an extra $500 for each child starting this week. So far, it is expected that around 60 million US citizens will get their payments through direct cash deposits to their bank accounts by the end of this week.
According to the Internal Revenue Service, Americans who have not provided the required deposit details to the IRS will receive their money via physical paper checks. However, it was also said that the process of mailing physical checks might take a bit longer than direct deposits.
To speed up the process, the IRS has set up an online portal that allows some eligible non-filer Americans to enter their direct deposit details so they can get the money faster. However, not everyone will be getting these checks as the IRS announced an eligibility criterion that leaves out most students, immigrants, and senior citizens, among others, out of the list.
The package aims to provide some relief to American families as they go through one of the worst economic crises of all time. The $2 trillion-plus relief package also includes loans and grants for small businesses.
Under the newly launched relief package, every US citizen with an income of $75,000 or less is entitled to a $1200 payment with an additional $500 per child. New parents with a baby born in 2020 will have to wait until 2021 to get their additional $500 payment as the stimulus checks are based on the tax returns of 2018 and 2019.
Low-income Americans are also eligible to get their $1200 relief payments under this package after they provide the required information to the IRS.