WASHINGTON — People who want to get their coronavirus stimulus checks sooner rather than later, better act now.
That's the urgent guidance coming from the Treasury Department and Internal Revenue Service. The federal agencies on Friday encouraged anyone who still haven't received their stimulus payment to sign-up for direct deposit using the Get My Payment tool by noon Eastern on Wednesday, May 13.
Approximately 130 million people have already received the one-time economic impact payments stemming from the CARES Act, but millions are still waiting for their money.
The IRS warned Friday that later this month the number of paper checks being sent out will sharply increase, and that for many taxpayers, the last chance to sign-up for direct deposit rather than getting a paper check is coming soon.
“We’re working hard to get more payments quickly to taxpayers,” said IRS Commissioner Chuck Rettig. “We want people to visit Get My Payment before the noon Wednesday deadline so they can provide their direct deposit information. Time is running out for a chance to get these payments several weeks earlier through direct deposit.”
The IRS said they will assist in preparing millions of paper checks after Wednesday for delivery in late May and into June. Those who want to receive their checks before then, should use the Get My Payment tool to enter their direct deposit information before the Wednesday cut-off.
If you decide not to set-up direct deposit, then you'll receive your check through the mail. Americans with the lowest income will get mailed checks first. Around 5 million paper checks will be issued each week, according to a House Committee Memo.
The payments are part of the $2.2 trillion rescue package signed into law by President Donald Trump back in March. The stimulus checks are aimed at combating the economic ravages of the coronavirus pandemic.
For the most part, the government is sending eligible Americans a $1,200 economic impact payment, plus an additional $500 per child.
In the program's four weeks, the IRS says they have already distributed more than $200 billion worth of payments to 130 million individuals.
Since the passage of the CARES Act, officials have repeatedly stressed the quickest way to get your stimulus check is going to be through direct deposit. If you did not provide your direct deposit information when you filed taxes in 2019 or 2018, or didn't use the Get My Payment tool to add your banking info, then you will instead automatically receive a check in the mail.