Thousands of Americans have begun to receive the minimum $1,200 coronavirus economic stimulus package promised by the Trump administration in their bank accounts. Depending on reported family size, annual incomes, and other specifics with the IRS – some people confirm receiving up to $4,700. The first batch of payment is being rolled out and others can expect their bank deposits to arrive in the next weeks or months.
CEO of the mobile banking startup Current, Stuart Sopp, revealed that his company has processed the payments of numerous people and that others should look forward to their own payments arriving in the coming weeks. He said about 40% of the payments from the Coronavirus Aid Relief and Economic Security (CARES) Act already paid out to Americans is $1,200 and that some received up to $4,700 in their bank accounts.
“We will continue to credit all accounts with stimulus transactions immediately as soon as we receive them over the coming weeks and months, so please continue to check your account balance in the app and know if you have not yet been credited, it is because we have not yet received your payment from the federal government,” Stuart’s Current stated in a release.
Eligible Americans who earn less than $75,000 per year will receive a minimum of $1,200 stimulus package, and those with children under the age of 17 can get an additional $500 per child. Couples who file their taxes together and earn up to $150,000 annually can expect to receive a joint payment of $2,400.
According to Current, they processed the first batch of payment into peoples’ banks the moment the federal government sent it. They said they will process the others immediately the government sends the second or third batch of payment.
The IRS had stated that payments will begin to arrive next week for people who filed their tax returns for 2018 and 2019 as well as for those who used authorized direct debit. Those who do not have Social Security or have not filed their taxes may wait weeks or months to receive their federal payments. People who are exempted from filing their taxes will also receive COVID-19 stimulus package payments after filling a dedicated online tool on the IRS’s website labeled “Non-filers: Enter Payment Info Here”.
“People who don’t have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible,” said IRS Commissioner Chuck Rettig. “The IRS and Free File Alliance have been working around the clock to deliver this new tool to help people.”
Many people on social media have also reported receiving their payments in their bank accounts.