If you are still waiting for your next round of personal stimulus money, this may be your lucky week.
Latest Batch to Include Debit Cards and Paper Checks
According to the administration of President Joe Biden, a new batch of payments will be issued this week This batch will include debit cards and paper checks. While the previous batches sent over the last few weeks primarily went to those with bank information on file with the IRS, this will not be needed for all of the checks coming with this round.
Stimulus Payments Rolling In
The first payments of this third stimulus package went out to eligible Americans less than one week after Biden signed the $1.9 trillion COVID-19 relief package into law on March 12. According to the US Department of Treasury, more batches will be released each week until all of the money has been sent.
Approximately 90 million payments were sent last week alone. This number accounted for over half of the households that were on tap to receive this round of payments. Although most of the money sent so far has been via direct deposit, there were approximately 150,000 paper checks that were sent last week.
This is the third round of COVID-19 stimulus payments. The first round was passed last March shortly after the health and economic crisis exploded. The second round of payments was sent at the end of the year when Congress passed an additional relief package.
How to Get Your Money
If you are eligible for any portion of the payments, there is nothing that you need to do to receive the money. Even if you have not filed taxes in recent years, anyone who receives social security or veterans’ benefits should automatically receive the stimulus.
According to the White House, roughly 85% of all Americans are eligible for the payments. Qualified individuals will receive up to $1,400 in stimulus payments, based on income requirements.
If you are getting anxious about receiving your stimulus, you can check the status of your money on the IRS Get My Payment website. This site is regularly updated to show when individual payments have been processed.
If you are expecting a paper check or debit card, be sure to watch your mail for any type of envelope from the federal government. The white envelope should be clearly marked, making it easy for you to distinguish it from junk mail. White House press secretary Jen Psaki previously confirmed that the check will not be signed by Biden, unlike previous personal stimulus checks that were signed by former President Donald Trump.
Recommended to File Taxes
Despite recently extending the filing deadline from April 15 to May 17, the IRS is recommending that all Americans file their 2020 tax return as quickly as possible. If you have already done this, your third stimulus payment will be based on these earnings. If you have not yet filed the 2020 tax records, the payment amount will be based on your 2019 filing.
For many Americans who lost income during the pandemic, a drop in 2020 income could equate to a larger stimulus payment.