LOS ANGELES - Everyone is hoping to find out when they will begin to see their $1,200 checks from the federal government dispensed under the CARES Act.
Vice President Mike Pence said Thursday that eligible Americans with direct deposit set up with the IRS will begin to see their checks by end of next week. The average family of four, Pence said, can expect to see roughly $3,400.
Beginning the week of April 13, the IRS is expected to make about 60 million payments to Americans nationwide through direct deposit. This will be done automatically for people who used direct deposit on their 2018 or 2019 tax returns. It also includes beneficiaries of Social Security who filed tax returns through direct deposit, according to the House Ways and Means Committee.
Shortly after the first round of payments are made in mid-April, the IRS plans to make a second run of payments, which the government is hoping is only about 10 days after the initial payments. These payments will be made to Social Security beneficiaries who did not file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit.
Around May 5, roughly three weeks after the first round of payments are made, the IRS will begin mailing paper checks to individuals. Those receiving their checks first will be individuals with the lowest income.
The checks by mail will be issued at a rate of about 5 million per week, which the committee says could take up to 20 weeks to get all the checks out.
The payments are part of the third COVID-19 stimulus bill aimed at helping residents struggling to pay rent or purchase food. Qualifying adults will receive $1,200 per adult and $500 per child for individuals making up to $75,000 a year. The payment amounts will decrease the more money one makes, stopping altogether for single workers making $99,000.
To calculate the amount of money you'll receive from the bill, click here.