Tuesday, July 7, 2020

Stimulus checks started to arrive via direct deposit for Americans

Americans started receiving stimulus checks via direct deposit, but is it sufficient?

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Foster Brenn
Foster holds three years of experience in the newspaper industry. Foster covers all the major posting under the US News category of The News Recorder. Being a socially active person, he manages to take pre-release updates of various news. Foster also contributes to a local newspaper.

Treasury Department of the United States has started its first round of sending the stimulus checks to the Americans. The checks are coming to the accounts of citizens via direct deposit to help alleviate the economic downfall caused by the coronavirus pandemic. The stimulus checks are all a part of the $2 trillion stimulus package announced by President Donald Trump.

As reported by ABC News, a senior Treasury official told “We can confirm that payments are beginning to arrive in some Americans’ accounts. He added that “Treasury and the IRS have worked hard to speed up the direct transfer of economic assistance to hardworking Americans.”

“During the 2008-2009 financial crisis, it took the government several months before the first stimulus payments were issued to the American people. This administration has done it in just two weeks.” He added.

Treasury is working on an automated system to fund the accounts of Americans’ who have not filed a tax return in 2018 or 2019. The department also mentions that the stimulus check or the emergency fund is for the social help for the Americans during this COVID-19 pandemic.

“Millions more Economic Impact Payments will be issued via direct deposit in the weeks ahead as we issue payments to social security recipients and as other taxpayers provide banking information on the tools provided,” the statement continued. “We are working to secure the fast, secure and efficient delivery of payments to veterans, disabled, and other vulnerable populations.”

The Treasury Department also signifies that the first payments, to the Americans who filed their tax returns of 2018 or 2019 will receive the stimulus checks wire direct deposit no longer than April 15.

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Individuals who have not filed taxes are being directed to register their information on IRS.gov to avail the stimulus check or the economy impact payments faster by direct deposit.

The didn’t confirm anything regarding the paper checks, which hints that this may take a little longer to disburse the paper checks. Also, the Treasury Department will launch a new mobile application next week called “Get My Payment” to expedite the delivery of funds for tax filers who did not receive their funds electronically.

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