A $2 trillion dollar coronavirus stimulus bill was passed to help the economy better thrive financially in uncertain times.
A payout of $1,200.00 will be given to those American adults with an annual income up to $75,000.00. Those households with children in that bracket will receive $500.00 per child. For those making up to $99,000.00 reduced checks will arrive. The ceiling for receiving federal dollars is capped at joint taxpayers earning $198,000.00.
Payments will begin to be deposited into over 50 million American's bank accounts as early as today, according to an internal plan that was circulated.
The first round of payouts will go to those who have direct deposit already tied to their bank account from filing taxes in 2018 or 2019 filing years. This is the fastest way that money can be sent from the government.
For those that do not have this electronic payment option set-up, physical checks will take longer to print and mail from the Internal Revenue Service (IRS). The agency will also be setting up a portal to expedite receiving the money for those not registered for electronic deposit. Direct deposit may take up to two-weeks and paper checks can take up to August to arrive.
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