The first round of the much-awaited coronavirus stimulus payouts will start reaching bank accounts today, according to an internal plan circulated by IRS Treasury Secretary Steven Mnuchin.
The first payout is estimated to cover at least 50 million Americans who have already given their bank account information to the IRS and Social Security beneficiaries who filed a federal tax return with direct deposit information.
The second payout will be paid no later than the week of April 20. The third and final round of payments will be paid through checks. Those will be mailed at a date that is yet to be determined.
The IRS says the best way to ensure you receive your money quickly is to make sure the IRS has your bank account information on file since a direct deposit option will reach you more quickly than a paper check.
Single Americans will receive $1,200, married couples will get $2,400, and parents will get $500 for each qualifying child.
The IRS and Treasury updated their guidance to ensure you get paid.
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