According to an announcement on Friday from the United States Treasury, the third stimulus checks officially began going out through direct deposit. The agency started processing the first series of these payments today. Several recipients will start receiving their stimulus checks as early as this weekend, and more will receive them this coming week.
Check the Online Portal for Your Third Stimulus Check
According to the Internal Revenue Service (IRS), Americans curious to know the status of their third stimulus check will be able to check an online portal on Monday. President Joe Biden signed the new $1.9 trillion coronavirus relief plan on Thursday. This provides direct payments to eligible individuals of up to $1,400, along with payments to an eligible family of four of $5,600.
However, even people who start seeing the money posted on their bank accounts this weekend could not actually access it until the following week. There are tens of millions more Americans who will have to wait longer, reported CNET.
Officials at the IRS and Treasury Department stated that processing the new series of stimulus payments have already begun on Friday. The aim is to have the first stimulus checks start showing up in bank accounts this weekend. It is estimated that 85 percent of Americans will be qualified for the stimulus checks. The goal is to have millions of the payments disseminated in the next few weeks, reported ABC 10.
According to IRS Commissioner Chuck Rettig in a statement, "Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic. The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds," reported WKRN.
Unlike the first two stimulus checks, which were limited to children under 17 years old, this series of checks will also go to all eligible dependents. These include adults with disabilities, college students, parents, and grandparents, according to officials. They underscored that taxpayers required no action to receive the payments. The stimulus checks will be based on 2019 or 2020 tax returns. These are conditional on the most recent filed or data supplied to the IRS last year by non-filers.
Taxpayers who have offered bank information with the IRS will receive the direct deposit payments. Others will be disseminated paper checks or debit cards mailed to them. Officials stated that people could check the "Get My Payment" tool on the IRS website to track their stimulus checks beginning on Monday.
The checks will initially come in the form of a direct deposit for many. This will possibly transpire as soon as the weekend of March 13. Biden's signing comes just in time as additional unemployment aid and other pandemic aids were slated to expire on Sunday.
Social Security and other federal beneficiaries will receive these third stimulus checks the same way as their regular benefits. The payment date for this group is anticipated to be declared soon.
Related Article: COVID-19 Relief Package Provides Families $3,600 per Child