Coronavirus Relief: When Will Stimulus Payments Be Sent Out?

Economic stimulus payments meant to help curb the impact of coronavirus will begin in the coming days. The IRS of Friday confirmed that the first round of payments would begin next week to qualifying taxpayers who filed returns in 2018 or 2019 and chose to get their refund via direct deposit.

Congress passed a $2.2 trillion coronavirus relief bill in March and recent assurances from government officials have put the first payments on track for mid-April. Treasury Secretary Steven Mnuchin previously pushed for payments to go out as early as April 6.

Single taxpayers will receive $1,200, while those who filed joint returns as a married couple will receive double that amount. Additionally, families and parents will receive $500 per child under 16. Amounts paid will drop progressively for taxpayers with adjusted gross incomes of $75,000 a year for single people and $150,000 for married couples. Social Security recipients will also receive their payments automatically.

Those who have not filed returns, do not receive Social Security, or have not authorized direct deposit will have to wait longer to get their money, potentially weeks or months, as the IRS figures out solutions. Some will likely need to request payment online.

The IRS has also set up a website that will allow low-income individuals that do not typically file tax returns to give their information and receive a payment.