Coronavirus stimulus checks: Next batch of payments arriving Wednesday

Coronavirus, stimulus checks, next

Millions of people received the third stimulus payment in the first batch sent out last week by the IRS. Now, millions more will get the payment this week. The IRS informed that it will issue the next batch of coronavirus stimulus checks this week.

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Next batch of coronavirus stimulus checks

Last week, the IRS noted that it has processed coronavirus stimulus checks to more than 90 million Americans. And, on Monday, the IRS informed that it would issue the next batch of stimulus payments this week. However, the agency gave no information on the number of payments it plans to send in the second batch.

These payments, as per the agency, will include paper checks or prepaid debit cards, as well as direct deposits. Since the new batch includes paper checks and debit cards, the IRS urged people to be careful with their mail.

“Since this new set of payments will include more mailed payments, we urge people to carefully watch their mail for a check or debit card in the coming weeks,” IRS Commissioner Chuck Rettig said in a statement.

It is possible that if you got the payment in the form of paper checks in the earlier rounds, you may get a direct deposit this time. As per the agency, it and the Bureau of the Fiscal Service are using the data in their system to send direct deposits to those that would “have been sent as paper checks or debit cards.”

“This accelerated the disbursement of these payments by weeks,” the Treasury said in a news release.

How to check your payment status

You can check the status of your payment using the IRS “Get My Payment” tool. To use the tool, you need to input your full Social Security number or tax ID number, date of birth, street address and ZIP code.

However, it is recommended that you use the tool only once a day. This is because the IRS has informed that the tool “updates once per day, usually overnight.” Also, the agency is asking people not to call the IRS to get an update on the stimulus payment.

“Our phone assistors don’t have information beyond what’s available on IRS.gov,” the IRS said.

Further, the agency informed that it started processing some direct deposits on Friday. These direct deposits have an official payment date of Wednesday, March 24. Some people may get the payment earlier than the official date. Going forward, the agency said, it would issue the payment on a weekly basis.

Your stimulus check amount will be based on your 2020 or 2019 tax return. If you didn’t qualify on the basis of your 2019 return, then do file your 2020 tax return quickly if your income dropped last year. This will likely make you eligible for the stimulus checks.

 

The post Coronavirus stimulus checks: Next batch of payments arriving Wednesday appeared first on ValueWalk.

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