- Second wave of stimulus payments set to be distributed over the next few days
- To date, IRS has sent out $158 billion of the total $292 billion allocated
- US Treasury sets up online tool to track the status of stimulus payments
On April 23, a record 26.4 million Americans filed for unemployment, representing a 4.4 million person increase from last week, according to the Department of Labor. As part of the CARES Act, the government authorized the IRS to provide stimulus checks, known as Economic Impact Payments, to Americans who qualified for them.
Of the total $292 billion allocated under the CARES Act for these funds, approximately $158 billion of the funds have been distributed in 88 million checks, according to the IRS data release on Friday, April 24th. The pace at which these payments have been distributed to Americans is far quicker than the previous round of stimulus checks in 2008. With a second wave of payments set to begin over the next couple of days, many Americans remain frustrated with the delay in receiving funds and in the dark about when they will be receiving their money.
Individuals who have given the IRS their direct deposit information in the past are more likely to receive their funds quicker through future rounds of electronic payments. Individuals who receive physical checks from the IRS could face up a delay up to several months considering the fact that the US government is limited to printing up to 5 million checks per week.
The US Treasury created an online tracking tool called Get My Payment to attempt to assist taxpayers estimate when they will be receiving their Economic Impact Payments. In addition to the tracking tool, the website offers FAQs and troubleshooting tips for taxpayers that run into trouble when accessing the tool. The payment tracking tool seems to have served as a tremendous source of information to taxpayers, despite some initial technological glitches.
For more information, visit the DSJ COVID-19 Information Center to stay up-to-date on Economic Impact Payments, guidance surrounding the CARES Act, and any other relevant information relating to the Coronavirus pandemic.
Chief Business Officer, Disaster Relief Consultant