April 12 (UPI) — The Internal Revenue Service announced that the first round of payments distributed as part of a coronavirus relief package have been deposited in Americans’ bank accounts.
“IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today,” the agency wrote on Twitter Saturday afternoon. “We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.”
The distributions were established by a $2.2 trillion relief package signed in March promising individuals with gross incomes of less than $75,000 as much as $1,200 and up to $2,400 for couples with an additional $500 per child.
Payments are set to continue beginning with Americans who filed tax returns for 2018 or 2019 and authorized direct deposit.
On Friday, the IRS and the Treasury Department launched an online tool designed to speed delivery of payments for others who did not file taxes in those years or sign up for direct deposits to receive their payments.
It also plans to launch a separate tool by April 17 to allow those who filed tax returns but didn’t provide direct deposit information to submit their information and receive payment immediately.
Those who remain without direct deposit information will be sent a physical check in the mail that the IRS said in a House Democratic memo will begin being issued the week of May 4 at a rate of about 5 million checks each week.
The checks will be distributed based on adjusted gross income and with those with the lowest income receiving their checks first.