The US government is preparing another round of stimulus checks for its citizens (pending congressional approval), which have proved a lifeline for many during one of the most difficult periods of their lives. These payments could be authorized as soon as next week.
The first payments will be made to users who entered their bank details directly into the system.
Those who have not yet done so, but wish to do so before receiving a payment, should check their eligibility again on the website before providing their bank details.
If you have filed a tax return, if your direct deposit information is on file with the IRS, you should receive your check automatically.
Stimulus Check: Where Is The Money?
If you’re expecting a stimulus check and haven’t received one yet, you may want to contact your bank or credit union to make sure that they have updated their information with the IRS. To find out if your bank has updated its information with the IRS:
Log into www.irs.gov and click on “Where’s My Refund?” at the top of the page. You will need to enter some personal information including name, social security number, date of birth and zip code before accessing the page where it says “Verify Direct Deposit Information”.
This is because the U.S. government’s Bureau of Engraving and Printing (BEP) prints all of the nation’s paper money, but it can only print one denomination at a time. The BEP’s current capacity to produce currency is about $2 billion per day, so if additional amounts are needed for an economic stimulus program, it would take months to ramp up production on that scale.
In addition to the more than 130 million deposits that are being made, the Treasury is also printing and sending checks to the addresses provided in the tax returns.
The Social Security Administration has already started processing stimulus check applications for those who want their payments deposited directly into a bank account, so that they can avoid fees from check-cashing stores. The Treasury Department said it will begin mailing out paper checks for people who prefer them.
