One hundred and thirty million Americans have received the stimulus owed them under the terms of the CARES Act, but millions more have not. If you find yourself in the latter category, there is something you can do to ensure you get your money sooner rather than later.
The IRS basically divided the CARES Act payments into two phases. The first phase is direct deposit, a faster, cheaper way of distributing funds that’s better for the government and the recipients of the funds. That phase is coming to an end, so if you want to receive your stimulus electronically — and, crucially sooner — then it behooves you to enter your bank account information into this website by noon today.
If you miss that deadline, you’ll receive your payment as a paper check that might not arrive until next month. That’s less than ideal, particularly if you’ve been furloughed or laid off due to the COVID-19 pandemic.
“We want people to visit Get My Payment before the noon Wednesday deadline so they can provide their direct deposit information,” IRS Commissioner Chuck Rettig said. “Time is running out for a chance to get these payments several weeks earlier through direct deposit.”
If you used direct deposit to pay your taxes or receive your refund, the agency should have it on file, but it’s not a perfect system. Many who’d used third-party tools like TurboTax, for instance, were required to reenter their direct deposit information to receive their stimulus payment electronically.
Whether you’re entering your bank information or checking your direct deposit status, you still need to visit the IRS coronavirus website by noon today.