The second round of stimulus checks is hitting bank accounts now.
Treasury Secretary Steven Mnuchin tweeted that the Treasury Department has delivered a payment file to the Federal Reservice and that “payments may begin to arrive in some accounts by direct deposit as early as (Monday night) and will continue into next week.”
Mailing for paper checks will start today (Wednesday, Dec. 30).
The IRS tool for checking the status of your payment – http://IRS.gov/GetMyPayment – will go live later this week.
Officially known as “Economic Impact Payments,” the stimulus will provide up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Generally, the direct payments will go to those with 2019 adjusted gross income of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns. Payments are reduced for people earning more than those amounts.
The payments come after months of negotiations over direct payments and an overall stimulus package. President Trump has called for $2,000 payments – something approved by the House – but not by the Senate. In the event the Senate approves the higher amount, Mnuchin said the additional funds will go out “as quickly as possible.”