Much-awaited stimulus cash will begin flooding into millions of bank accounts next week in the first wave of payouts to shore up the nation's wallets.
Millions of taxpayers will begin receiving the extra money to pay rent, groceries and other bills next week, or possibly as early as Thursday or Friday, some say.
The first group – estimated to cover 50 million to 60 million Americans – would include people who have already given their bank account information to the Internal Revenue Service.
The first group also would include Social Security beneficiaries who filed federal tax returns that included direct deposit information, according to an alert put out today by U.S. Rep. Debbie Dingell, D-Mich. Dingell's announcement said the expectation is that the first direct deposits would hit in mid-April, likely the week beginning April 13.
But other sources say many bank accounts could see the money as soon as Thursday or Friday.
Here's something you need to know: "For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure, they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists."
If you filed your 2019 tax return, for example, the IRS is going to use the same bank account information that you might have supplied for the direct deposit for your income tax refund. You'd want to check your account to verify whether the money has arrived.
If you did not yet file a 2019 return, the IRS is using information from your 2018 tax filing to calculate the payment. And the money would be deposited directly into the same banking account reflected on the return.