(WWJ/AP) If you didn't get your stimulus payment yet, and you'd rather not wait for a check, you need to act fast.
The Treasury Department and the IRS are urging taxpayers who want to get their economic impact payments directly deposited to their bank accounts to enter their information online by noon today, Wednesday, May 13.
The IRS said people should use the “Get My Payment " tool on the IRS website to provide their direct deposit information.
After that, it may take several weeks for your check to arrive. The IRS said the plan after today is to begin preparing millions of files to send to Bureau of Financial Services for paper checks that will begin arriving through late May and into June.
The government said it won't be able provide direct deposit once the process of sending a paper check has commenced.
Still not sure if you're eligible? Any U.S. citizen with a valid Social Security number who makes up to $75,000 will get a payment of $1,200; married couples who file jointly and earn less than $150,000 will get $2,400. The payment steadily declines for those who make more, and phases out for those who earn more than $99,000; or $198,000 for married couples. The thresholds are different for those who file as head of household. Parents will get $500 for each eligible child as well.
The government will automatically send payments based on the information provided in 2019 or 2018 tax returns. Automatic payments will also be sent to those receiving Social Security retirement, disability benefits, Railroad Retirement benefits, Veterans Affairs benefits or Supplemental Security Income soon, according to the IRS. People who do not traditionally file tax returns, such as low income or homeless, are eligible but must provide basic information through the Non-Filer tool on the site to get payment.
The government said it sent out about 130 million payments in the first four weeks of the program by both direct deposit and by mail.
The payments are part of a massive economic relief package Congress passed to lessen the financial impact of the coronavirus pandemic — and there could be a second one coming that could bring up to $6,000 per household.
House Democrats on Tuesday proposed a new $3 trillion coronavirus stimulus bill that seeks to provide additional financial benefits to Americans during the health pandemic.
The more than 1,800-page package, which is expected to come to a vote this Friday, includes over $1 trillion in relief for state and local governments, around $200 billion in hazard pay for essential workers called the “Heroes Fund,” and $75 billion for coronavirus testing and contact tracing. Also included in the bill: a second round of direct payments of $1,200 per person similar to the initial stimulus check.