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IRS will deposits $ 1,200 stimulus checks to americans from Wednesday

Direct-deposits of $ 1,200 stimulus checks will start arriving on Wednesday with banks being warned tonight which accounts the IRS will send them – but paper checks for the poorest  will arrive WEEKS from now.

Americans who provided their direct deposit information to the IRS will see their $ 1,200 stimulus checks in their bank accounts on Wednesday.

Others could wait weeks or months on paper checks that include the dollars allocated to low-income and middle-class Americans under the CARES Act.

On Friday the Treasury Department will warn banks to confirm that the money is going into the correct accounts
In addition, according to Politico, the Treasury is expected to publish a ‘Get My Payment’ website that will allow Americans to enter direct deposit information.


Paper checks will start to be mailed out in early May, though it may take through September to pay all the money

Americans who provided their direct deposit information to the Internal Revenue Service will see their $ 1,200 stimulus checks in their bank accounts on Wednesday.

see also: US nurses and doctors, on coronavirus front-line beg for PPE

But others, who did not provide banking information when filing their tax returns, could wait months to see their stimulus dollars.

The move came the day after official new unemployment claims hit 16.8 million and amid growing signs of economic despair across the country, with food banks reporting record-breaking demand.

Democrats are already suggesting that more checks will be needed to keep people going.

Los Angeles Relief and food bank distribution on Thursday
Los Angeles Relief and food bank distribution on Thursday

The Treasury Department will take the first step on Friday in distributing the millions of dollars in payments by alerting banks to confirm that the money will go into the right accounts, according to Politico.

And then on Monday, the IRS will begin processing the payments.

Politico also reported that the IRS was expected, on Friday, to announce the launch of an online application called ‘Get My Payment’ that would allow taxpayers who filed taxes in 2018 or 2019 to submit direct deposit information that would allow electronic transfer of funds.

The web hub should be ready later this-month.

That would cut down on the number of physical paper checks the government would have to produce in order to pay all eligible Americans their stimulus boost.

It is estimated that 100 million Americans do not have a direct deposit.

That means 5 million checks would be posted every week over 20 weeks, Politico sources say – leaving some Americans empty handed until September, according to the Washington Post.

 

 

see also : Federal Government end funding Aid for Coronavirus Testing

 

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REF: dailymail

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