ORLANDO, Fla. – The coronavirus pandemic has caused layoffs and furloughs across the nation and many of those people who’ve recently found themselves unemployed are itching to know when the much-needed coronavirus relief money will land in their bank accounts.
Florida Sen. Randolph Bracy on Tuesday released a timeline showing when distribution of the $2.2 trillion outlined in the CARES Act, which President Donald Trump signed on March 27, is estimated to begin.
Anyone earning $75,000 or less will receive $1,200 as a direct deposit into their bank account, distributed by the IRS. Married couples who make less than $150,000 a year will receive $2,400 plus $500 for every child under 17.
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Those who earn more than $75,000 but less than $99,000 will receive money as well, but the amount will be reduced by $5 for every $100 they make over $75,000, according to the IRS.
With Florida’s unemployment system flooded with claims, the relief can’t come soon enough.
According to Bracy, the money should be on its way before too much longer.
Mid-April: The week of April 13 is expected to mark the beginning of the 60 million direct deposit payments. Lowest-income individuals will receive the money first and from there, it will be issued in reverse “adjusted gross income” order. The IRS will use information from 2018 and 2019 tax returns to establish who gets paid and when. Only those with direct deposit information on file with the IRS will receive payments at this time.
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10 days later: After those deposits are complete, the IRS will begin sending money to Social Security beneficiaries who did not file taxes in 2018 or 2019 and receive their benefits through direct deposit. Bracy said he hopes this process will begin within 10 days of the first round of payments. According to him, about 99% of Social Security beneficiaries who haven’t recently filed tax returns receive their benefits through direct deposit.
Week of May 3: This is when the longest part of the process is projected to begin. After the aforementioned payments are made, the IRS will begin issuing five million checks per week to individuals who do not have direct deposit information on file. Estimates show it should take about 20 weeks to distribute all the checks.
The IRS is also planning to create an online portal in late April or early May to allow individuals to submit their direct deposit information and check the status of their rebate. When that portal is available, it will be located at IRS.gov/coronavirus.
Keep in mind, the timeline is fluid and there could be unexpected delays.
Check back at ClickOrlando.com/MakeEndsMeet for the latest coronavirus financial news.