First round of stimulus payments expected to arrive in bank accounts Wednesday
More than 80 million people can expect to have their Economic Impact Payment hit their bank accounts on Wednesday.
This is the first round of stimulus checks.
The U.S. Department of Treasury said that the majority of eligible people should have their payments within the next two weeks.
The IRS launched a website Wednesday that allows users to track the status of their Economic Impact Payment.
FIRST ROUND OF STIMULUS PAYMENTS
These first payments are distributed to people who filed their 2018 or 2019 tax returns and authorized the IRS to make a direct deposit.
Of that group, those with the lowest incomes should receive their payments first.
Bucks County Accountant Murray Fox of Fox and Company, P.C., said those on social security don't have to do anything as the funds will be automatically deposited.
He clarified that checks are not taxed.
"It's basically just an extra check they're sending to everybody and it's not in advance, you do not have to pay it back," said Fox.
But Fox explained if you've defaulted on a student loan or owe child support, you might not see the money.
"Student loans go through the government and child support goes through the court system so that's how they (the government) knows," said Fox. "But if you're late on a mortgage payment, the government has no idea."
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Fox said banks cannot touch your stimulus check, unless there is some sort of legal situation or a judgement against you.
"It's going from the government right into your checking account it has nothing to do with the bank," said Fox. "The bank can't do anything with the check."
PRINTED STIMULUS CHECKS
Tens of millions more people will be waiting for their check after Wednesday.
This is a needed boost of cash for so many people but they worry how long they can stretch these dollars.
Eve Lowen works in the entertainment industry.
"I have unemployment so I'm lucky, but if this goes on for too long we will have to change trades and try to find work like everybody else. I don't know- see what happens," Lowen told 6abc.
The IRS is launching a tool on their website this week to check the status of your payment. They also have more information about stimulus eligibility on their website.
