No doubt you are aware millions of people will be getting a stimulus payment from the government as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act that was recently implemented, a package worth around $2 trillion dollars.
It’s definitely some good news for a lot of people and businesses. Included are a variety of small business loans and changes in unemployment benefits, including for independent contractors.
The government moved quickly on this, and already payments are being issued, via direct deposit, for millions of Americans. Some reported seeing their money as early as last Saturday and on Monday.
If you haven’t done so, check your bank account online to see if your payment has arrived (if you call your bank be prepared for a long hold time); it may show as pending as banks need several days for funds to clear.
NOTE – if the IRS does not have your bank account number (e.g., you’ve not provided it, you didn’t file taxes for 2018 or 2019) my understanding is that a live check will be sent. Sounds like if you have not yet done your 2019 taxes and should, it is advisable to do so soon.
In order to check your status, they have a new website that launched TODAY and it’s up and running at IRS.gov – click on GET MY PAYMENT – and you can check to see if you are getting a stimulus check (you’ll have to provide identifying info – I did so this morning, and it was simple). Be sure you have your Federal Form available since they ask for the adjusted gross income and any payment or refund amount as part of that identification.
Be aware the system is pretty slow as it is no doubt overloaded with many users all doing the same thing – I had to wait about 10 minutes but at least I didn’t get bumped off!
You can let the IRS know whether you want your stimulus money via direct deposit (you will need to provide your bank account information for direct deposit), or a live check which will take longer.