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6:07 AM / Sunday October 2, 2022

14 Apr 2020

Treasury Dept: Relief Deposits Have Begun, More Coming Wednesday

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April 14, 2020 Category: Coronavirus, Local Posted by:

SUN Coronavirus Relief Check Watch

WHEN WILL I GET THE PAYMENT?

Direct deposits began this weekend. The Treasury said that tens of millions will receive direct deposit payments by Wednesday.

Everyone who gets a payment will receive written notice within 15 days after the payment that specifies how much you received and how it was delivered. The IRS also said the “Get My Payment” app will allow taxpayers to track the status of their payment.

A memo from lawmakers earlier in the month said that paper checks wouldn’t start being mailed until May. And because the paper checks would be issued at a rate of about 5 million a week, the process could take through August.

The Treasury, however, said that paper checks payments would begin later in April. It did not confirm an exact date or how long it would take to complete those distributions. But it did say Monday that it expects “a large majority of eligible Americans” will receive the payment within the next two weeks.

All payments will be made based on income, with lower-income individuals receiving payment first.

WHY SO LONG?

It’s a tough wait for those who are struggling financially.

However, the Treasury and the IRS need to sort through a tremendous amount of data and create a complex distribution method plan quite quickly, said Mark Mazur, director of the nonprofit Tax Policy Center. The IRS’ outdated technology could also slow things down.

“For the vast majority of people this will work, it may not be as fast as they may like but it will work.” Mazur said.

Another program overseen by Treasury, the Paycheck Protection Program for small businesses, also just began issuing payments over the weekend.

BE AWARE

Additionally, the IRS is urging people to be on the lookout for any scams related to the economic impact payments.

The IRS will not call, text, email or contact people via social media asking for personal or bank account information ever. It also warns taxpayers to watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.

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