On April 15, traditional tax day, instead of collecting payments the IRS launched an app to help more than 80 million eligible Americans get their payments quickly.
The “Get My Payment” app is an online tool that allows taxpayers to provide correct direct deposit information to the agency to assure faster processing and expedite payments.
According to Treasury Secretary Steven Mnuchin most eligible Americans were able to receive their stimulus payments immediately, provided they received an income tax refund from the IRS via direct deposit for 2018 or 2019 returns.
For those who are not required to file tax returns, the IRS website has also set up a section to enter banking information so that eligible people will not have to wait for a paper check in the mail.
Long Wait for Paper Checks
The Treasury has advised that they can only process a set number or paper checks per week. That means that people who have not provided their banking information to the IRS for direct deposit payments may be waiting many weeks to receive their stimulus payment.
Stimulus payments may be used for whatever you need and this money is not taxable income. These payments are one of the few times in life that you will ever receive money with no obligations. Please use it wisely as there may be several more months until everyone is able to return to work and normal life.
“I think the entire package provides economic relief overall for about 10 weeks” Treasury Secretary Steven Mnuchin
Many politicians are calling for more rounds of stimulus payments. However, there has been no word on if or when that could happen. Steven Mnuchin believes the stimulus package was enough to tide everyone over for ten weeks.
This stimulus payment is considered a one-time payment as President Trump hopes to reopen the economy as soon as possible and some state governors want to open even sooner than that.