The IRS said over the weekend it has started sending coronavirus stimulus payment to eligible Americans who have direct deposit.
“#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today,” the IRS announced in a tweet Saturday.
“We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.”
The payments are part of the $2.2 trillion package passed by Congress at the end of March intended to help workers who have been laid off or furloughed and to give businesses a financial boost to offset the dire economic effects caused by the pandemic.
Individual taxpayers who make less than $75,000 will be eligible for $1,200 checks, and married couples filing jointly who make less than $150,000 will get $2,400.
They will also be eligible for $500 for each dependent child under 17.
The checks begin to phase out for individuals making more than $75,000 and end for those who make $99,000 or more.
Couples who earn more than $198,000 will not get a check.
The income amounts are based on tax returns filed for 2018 or 2019.
Taxpayers who don’t use direct deposit will get checks, but that could delay the process by weeks.