Here's when federal stimulus payments should hit bank accounts

Here's when federal stimulus payments should hit bank accounts

Federal stimulus payments designed to relieve economic pressures amid the COVID-19 coronavirus pandemic should begin to reach Americans next week, according to U.S. Rep. Debbie Dingell, D-Detroit.

In mid-April, likely the week of April 13, the U.S. House Ways and Means Committee expects the Internal Revenue Service to make about 60 million payments to Americans through direct deposit, the report said. These payments will go to taxpayers who used direct deposit to receive tax returns in 2018 or 2019, and Social Security beneficiaries who filed federal returns that included direct deposit information.

The IRS then plans to make a second round of payments, hopefully within 10 days, to Social Security beneficiaries who didn’t file 2018 or 2019 tax returns but receive their benefits through direct deposit, the report said. It is estimated that about 99 percent of Social Security beneficiaries who don’t file taxes receive payments via direct deposit.

About three weeks after the first payments, approximately the week of May 4, paper checks will begin to go out to eligible citizens starting the lowest income people, the report said.

The checks are available as part of a $2.2 trillion rescue package approved by Congress and signed by President Donald Trump. Anyone who earned less than $75,000 in adjusted gross income and who has a Social Security number will receive $1,200 as part of the package. Couples who file together and don’t exceed $150,000 in adjusted gross income will receive $2,400. Families will also receive $500 for each child.

The amount of the payment decreases for those who earn more. Individuals who earn more than $99,000 and joint filers earning more than $198,000 are not eligible to receive a payment.

The federal deadline to file 2019 taxes has been postponed to July 15, 2020. Michigan pushed its deadline to the same date. The stimulus checks will be available for all of 2020, so you will not miss out if you don’t file a return before they begin going out.

The stimulus package was approved as a way to help Americans struggling economically through the outbreak of the COVID-19 virus.

As of Monday, April 6, Michigan had 18,970 confirmed coronavirus cases and 845 deaths from the virus. Michigan remains under a “stay-at-home” order through April 13. The order closed all non-essential businesses while telling residents to stay home except for essential trips.

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In addition to washing hands regularly and not touching your face, officials recommend practicing social distancing, assuming anyone may be carrying the virus. Health officials say you should be staying at least 6 feet away from others and working from home, if possible. Carry hand sanitizer with you, and use disinfecting wipes or disinfecting spray cleaners on frequently-touched surfaces in your home ( door handles, faucets, countertops) and when you go into places like stores.

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