The US Department of Treasury has issued a statement on the Economic Impact Payments, part of the $2.2 trillion COVID-19 economic support legislation. According to Treasury, over 80 million Americans will see direct deposits whit week.
The Treasury and the IRS expect payments via direct deposit by Wednesday, April 15. These payments are being automatically issued to eligible 2019 or 2018 federal tax return filers who received a refund using direct deposit.
“We are pleased that many Americans are receiving their Economic Impact Payments,” said Secretary Steven T. Mnuchin. “This Administration is delivering fast and direct economic assistance to hardworking Americans, and we hope these payments will bring them much-needed relief.”
Earlier this week, the IRS said it will launch a separate online application, “Get My Payment.” a free app that allows taxpayers who filed their tax return in 2018 or 2019 but did not provide their banking information on their return to submit direct deposit information so they can receive payments immediately, as opposed to getting mailed checks which will start being distributed before the end of April.
Additionally, Treasury has launched a web portal to allow eligible State, local, and tribal governments to receive payments to help offset the costs of their response to the coronavirus pandemic.
Once registered, these entities will receive promptly half of the funds allocated to them pursuant to the CARES Act. This will fast-track the availability of $71 billion to meet immediate cash flow needs. The remaining balance of the payment amounts due to States, eligible local governments, and tribal governments will be paid no later than April 24, 2020.