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If you have filed your returns between 2018 and 2019 and have direct deposit enabled, then your coronavirus stimulus check should arrive soon.
The U.S. coronavirus stimulus checks have started coming in. Sources say that the first tranche of recipients have received theirs via their bank accounts.
The U.S. Internal Revenue Service (IRS) has indicated via a tweet that the first deposits have occurred. More deposits are also to be expected.
#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
Low-income earners can now use a new online portal that will allow them to enter their banking information so that they can receive money as well.
U.S. Coronavirus Stimulus Checks Are Aimed at the Struggling
The payments are a part of the governments’ $2 trillion package that was signed into law last month by President Donald Trump. Individuals who have an adjusted income that is below $75,000 get $1,200 while couples of the same status (below $150,000) get $2,400.
If you have filed your returns between 2018 and 2019 and have direct deposit enabled, then your check should arrive shortly. The U.S. Treasury has indicated that tens of millions of Americans would receive their payments. Most of the country would get theirs within two weeks.
Those who don’t file their taxes and have chosen to receive paychecks will get theirs starting from May. This was included in a recent memo from the authorities. The IRS though intends to get to the low-income families first. his will enable them to reach the hardest-hit section of the US population on time.
The U.S. Government had been for weeks last month trying to put together economic stimulus to ease Americans’ suffering now.
After one or two delays, they came up with the CARES Act which deals with the different forms of stimulus that the American government could come up with at the time.
Stimulus Got Signed and Things Changed
It has been signed into law and effected on the ground. We would have to wait and see if another round of stimulus measures are needed to get the economy working again.
Because we are dealing with a pandemic, it might be too early to tell if such is needed. But, we are going to know further down the line as things either get better or worse.
Global supply lines though have started to reopen and business is seemingly adjusting to the new normal. The stay-at-home restrictions have hit those who are at the bottom of the food chain when it comes to the pandemic are those earning below the $75,000 mark.
These individuals and couples usually have additional side jobs in addition to their regular ones. They are also usually paid weekly as their jobs are within the menial range.
COVID-19 seems to be the new threat to livelihoods after the sub-prime mortgage crash in the last decade. It will take people coming together for the threat to be extinguished.
This is what the United States Government is seeking to do now.