While the first wave of stimulus checks went out late-last week, there’s new indication that it could be a while for others before they receive those much-needed dollars.
The checks are part of a massive, $2.2 trillion economic relief package, which was passed by Congress and signed by President Donald Trump in March.
It grants $1,200 to those who make less than $75,000 if they file taxes a single-person, or $2,400 if they filed jointly with another person – and make less than $150,000 together.
While direct deposits will occur over the next several days – there are questions about how soon all of the deposits will be completed. In some cases, it could be weeks, if not more than a month, before stimulus checks arrive.
Those who filed taxes in 2018-19 will be the first to receive the check. Those who did not can fill out an application, free of charge, which is available here – and will begin the processing of your stimulus check.
According to the IRS, this includes individuals who earned less than $12,200 in 2019 and couples who earned less than $24,400.
Here’s a catch, though: If the IRS does not have your bank account information, which would require them to send out a physical check – it will be weeks before those even start going out.
IRS officials expect those physical checks to begin going out May 4th. The IRS has until the end of 2020 to process all payments.