The coronavirus economic impact money is already flowing -- the IRS is handling distribution and announced this weekend that the first payments have started going out.
So when can you expect yours? It will take some time to get the money to every eligible U.S. taxpayer, says UNO economics professor Walter "Dub" Lane.
"The logistics of getting money out quickly is just unbelievable," said Lane. "It just takes time to get things moving."
The IRS is speeding the process by using direct deposit information taxpayers have given them for their refunds. In the coming days, their web site will be able to take direct deposit information from other citizens, too.
#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS
— IRS (@IRSnews) April 11, 2020As the first Economic Impact Payments start being issued, next week #IRS will launch a tool that provides taxpayers the status of a payment, including the date it’s scheduled to be deposited or mailed. https://t.co/dwDsBkf1Xr #COVIDreliefIRS https://t.co/qxxT9iTudb
— IRS (@IRSnews) April 11, 2020
