KEY POINTS
- KEY POINTS
More than 80 million Americans were slated to receive their coronavirus stimulus payments via direct deposit this week - But with a total of 171 million Americans set to be paid, many are still waiting to see that money arrive in their bank accounts or mailboxes
- Here’s who can expect their money when, according to the latest Congressional timeline
This week was supposed to include Tax Day, when personal income taxes are traditionally due. Instead, it marked a different big milestone: the beginning of the coronavirus stimulus payments.
Now, Congress has updated its timeline on when subsequent rounds of payments can be expected. Here’s the latest, according to the House Ways and Means Committee.
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Who Gets Paid First
This week, more than 80 million Americans are expected to receive payments via direct deposit into their bank accounts, according to the Treasury Department.
That direct deposit information will come from either their 2018 or 2019 tax returns.
People who receive Social Security or Supplemental Security Income (SSI) benefits who filed returns that included their direct deposit information should receive their payments at this time.
Who’s Next
From there, the government will send out more money, first via direct deposits and then by mailed paper checks.
Individuals who have direct deposit information on file will get priority.
It is not too late to submit that information, if you haven’t done so already.
If you submit your direct deposit information online by next Thursday, you should receive the funds the following week.
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The government has launched two new websites where you can do just that.
The Get My Payment web app lets you put in your direct deposit information if it was not already included on your tax returns for the past two years. If you typically don’t file taxes, there is another tool where you can enter that information.
Additionally, if you are expecting a tax refund for 2019, you can file your return now and include your current bank account information.
Who Will Get Paid Starting Next Week
Mailed paper checks will start going out April 20 for Americans who do not have their direct deposit information on file.
About 5 million checks are expected to be mailed per week. It could take up to 20 weeks — five months — for all of the checks to be sent.
The payments will be sent out in order of lowest to highest income, so Americans with the smallest incomes will receive their checks first.
Who’s Next in Late April, Early May
In late April, direct deposits will be sent to Social Security beneficiaries who did not file tax returns in 2018 or 2019. That includes adult Social Security retirement, survivor and disability insurance beneficiaries who typically have their monthly payments put directly in their bank accounts. Almost 99% of beneficiaries use direct deposit, according to Congress.
Meanwhile, all adult SSI beneficiaries can expect their payments by early May. The money will be sent in the same way those individuals typically receive their benefits.
“Weekly direct deposits and paper checks will continue until all individuals receive their rebates,” the Congressional timeline states.
This story first appeared on CNBC.com. More from CNBC:
