Spend

The first coronavirus stimulus checks were deposited this week—here's when you can expect yours

Twenty/20

The first wave of stimulus relief checks were deposited into some Americans' bank accounts over the weekend, according to the IRS. Millions more can expect to receive theirs in the coming weeks as part of the $2.2 trillion stimulus bill passed to aid Americans suffering financially as a result of the coronavirus pandemic. 

To help taxpayers check the status of their payment, the IRS is rolling out a tracking tool called "Get My Payment" by April 17. The tool will also let users update their direct deposit information with the IRS.

The agency also unveiled an online tool for low-income Americans who do not typically file taxes to enter their banking information to receive a payment.

The checks, worth $1,200 for individuals with adjusted gross income below $75,000 and $2,400 for couples earning below $150,000, are part of the federal government's response to unprecedented unemployment levels and financial strain caused by Covid-19

Those who filed 2018 or 2019 returns and authorized direct deposit from the IRS will be paid first. The U.S. Treasury Department announced Monday that tens of millions of Americans should receive their deposits by Wednesday, April 15, and the department "expects a large majority of eligible Americans will receive Economic Impact Payments within the next two weeks."

It will take much longer for others, including those who do not typically file returns or opt to receive paper checks. Paper checks won't start being mailed until the beginning of May, according to a memo from the House Ways and Means Committee, and the IRS plans to prioritize sending those checks to lower income households first.

And remember: Scammers are already trying to cash in on the stimulus payments. Be on high alert.

Editor's note: This post was updated with the Treasury Department's most recent announcement. 

Don't miss: Everything you need to know about the coronavirus stimulus checks

Check out: The best credit cards of 2020 could earn you over $1,000 in 5 years

VIDEO8:0408:04
How a couple making $56K in Texas is adjusting to job loss amid coronavirus
make it

Stay in the loop

Sign Up

About Us

Learn More

Follow Us

CNBC.COM