- The IRS and Treasury Department announced last Friday that 88.1 million economic impact payments have been issued to Americans as part of the CARES Act.
- More than 150 million payments will be sent out in total, which means tens of millions of Americans are still waiting for their money with May bills nearly due.
- A new wave of coronavirus stimulus payments may be going out as early as this week.
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Last week, the IRS and the US Department of the Treasury announced that 88.1 million payments worth nearly $158 billion had been issued to Americans as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. You can even see a breakdown of how many payments have been issued to each individual state on the IRS website, but as the news release notes, over 150 million payments will be sent out in total, which means that days before bills are due, millions of Americans are still waiting to receive their Economic Impact Payments.
As we have reported, the IRS set up two online tools to assist with these payments — one is for those who filed their taxes this year or last and the other is for non-filers. As long as the IRS has your direct deposit information on file, you should be able to use the Get My Payment tool to see exactly when the money will be deposited in your account. The first wave went out the week of April 13th, and more payments should be going out this week.
The only way to figure out the precise date on which you will receive your CARES Act payment is by using the Get My Payment tool, but The Washington Post has put together a rather comprehensive list of dates and windows by which everyone should have received their money based on the information available:
- A Treasury spokeswoman says that social security, survivor, and disability non-filers will begin to economic impact payments no later than May 5th.
- Social security income (SSI) non-filers should see payments in early May.
- The IRS said in an update this weekend that anyone who has entered their bank information “any day until noon on Tuesday, your payment date will be available beginning the following Saturday.” If you miss the deadline, you’ll have to wait another week to get your payment.
- SSI and Veterans Affairs benefits recipients who didn’t file tax returns in 2018 or 2019 have until May 5th to make use of the tool on the IRS website to receive $500 payments for dependent children.
In a letter from the Ways & Means Committee, a rough timeline is established which says that the IRS “plans to make additional rounds of payments by direct deposit and paper checks weekly.” Anecdotally, myself and multiple people I know who had yet to receive impact payments were recently notified by the IRS web portal that their direct deposits are scheduled to take place on April 30th, which might signal a new wave.