A Few Updates On Those $1,200 Stimulus Checks

If you haven’t been living under a rock, you’re aware that the US is sending out $1,200 payments to most residents. The majority of those have already been received via direct deposit/ACH to the bank account which you have on file from your 2018 or 2019 tax return. Here are a few updates on those stimulus checks:

• IRS Now Lets You Check Your Stimulus Payment Status. If you have qualifying children under 17, use the Non-Filers: Enter Payment Info Here tool to have $500 per child added to your $1,200 Economic Impact Payment. You must register by noon Eastern on Wednesday, April 22 (that’s in less than an hour from time of this writing). This is also relevant for those who have had a child since they filed their last tax return – you can add the child to get the $500 now rather than waiting for when you file your taxes.
• Checks are being sent out to those with lower incomes first, according to the Washington Post.. Those with incomes of $10,000 or less will have their checks sent out on April 24. The system will continue sending out checks through September 4th for top earners. Each week they’ll send out checks for another $10k in earnings, e.g. on May 1st they’ll send out for those who earned $10k-$20k, on May 8th for those with incomes $20k-$30k, etc.
• Many readers have expressed concern that the bank they used with the IRS on their previous tax return is already closed. My guess had been that it would take a while until the system recognizes the ACH as being bounced back and eventually gets a check in the mail. But some reports suggest this may actually be a quick process with the check coming in the mail within a few weeks. (That would mean the system is prioritizing bounce-backs before the ordinary queue for check payments.)
• Social Security recipients who don’t usually file tax returns will automatically get $1,200 payments directly to their bank account.
• Tip: Enter your address in all caps if you are having trouble with the IRS site.

Previous Articles on the Stimulus:

• Stimulus: Government To Send Out $1,200 Checks/Deposits To Most US Residents; Expanded Unemployment & More
• US Stimulus: Should You File Your 2019 Tax Return Now?
• Stimulus Bill Adds $300 Charitable Contribution Deduction For 2020 & Beyond
• Stimulus Bill Forbids Credit Agencies From Issuing Negative Marks For Certain Deferred Payments
• Stimulus Bill: Making Sense Of The Options For Small Businesses & Employers (Grants + Loans)
• Stimulus Bill: Explaining the Unemployment Benefit for Employees, Self-Employed & Gig Workers
• Stimulus Checks: People Who Don’t File Taxes Can Register Their Bank Info With IRS-TurboTax Online Portal To Get Their $1,200
• Stimulus: EIDL Grant For Small Businesses Will Be $1,000 Per Employee, Per SBA Clarification
• IRS Now Lets You Check Your Stimulus Payment Status
• A Few Updates On The Small Business Grant & Loan Programs (PPP, EIDL Funding Round 2)
• IRS Website Finally Allows You To Add Bank Information For $1,200 Stimulus Direct Deposit
• Lawmakers Overhaul PPP Loan Forgiveness Program For Small Businesses
• EIDL Loan & Grant Program Reopens For New Applications