Better than the Easter Bunny: Stimulus checks expected to arrive earlier than expected for most Americans

Published 12:20 pm Thursday, April 9, 2020

The Internal Revenue Service might just be more popular than the Easter Bunny when stimulus money starts showing up in bank accounts early next week.

Many Americans could begin receiving their coronavirus stimulus checks as soon as next week.

The IRS has sped up its process and it now aiming for “early next week” for direct deposit checks. The first checks could be deposited as early as Monday or Tuesday. Paper checks for those who do not have an address on file with the IRS will start going out April 20.

The first group – estimated to cover 50 million to 60 million Americans – would include people who have already given their bank account information to the Internal Revenue Service, according to the Detroit Free Press.

The first group also would include Social Security beneficiaries who filed federal tax returns that included direct deposit information, according to an alert put out today by U.S. Rep. Debbie Dingell, D-Mich. Dingell’s announcement said the expectation is that the first direct deposits would hit in mid-April, likely the week beginning April 13. Information on changing direct deposit information will be coming by the end of next week, the IRS said.

The stimulus checks, designed to cushion the blow from job and income loss from the coronavirus pandemic, were originally set to start being deposited by April 15, though lawmakers had pushed for an expedited schedule.

The coronavirus stimulus provides $1,200 for individuals earning up to $75,000 and $2,400 for married couples filing jointly who earn up to $150,000. Recipients who earn more than those amounts will see their payments reduced by $5 for each $100 above the income threshold. Single filers who earn more than $99,000 and joint filers who earn more than $198,000 are not eligible. The stimulus also provides $500 for each qualifying child.

Amounts are based on 2019 or 2018 tax returns.