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IRS Begins Transferring Economic Impact Payments to US Taxpayers’ Bank Accounts

© REUTERS / EDUARDO MUNOZHealth workers wait in line to get food near the Jacob K. Javits Convention Center, as the outbreak of the coronavirus disease (COVID-19) continues, in the Manhattan borough of New York City, New York, U.S., April 7, 2020.
Health workers wait in line to get food near the Jacob K. Javits Convention Center, as the outbreak of the coronavirus disease (COVID-19) continues, in the Manhattan borough of New York City, New York, U.S., April 7, 2020. - Sputnik International
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MOSCOW (Sputnik) - The US Internal Revenue Service (IRS) has started issuing Economic Impact Payments to American taxpayers amid the rapid spread of the coronavirus (COVID-19) infection.

"IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can," the IRS said in a Saturday Tweet.

In March, US President Donald Trump signed a $2 trillion coronavirus emergency relief bill that included stimulus checks for Americans. The IRS was expected to start making direct deposit payments by at least 13 April.

"For most people, no action is needed to get an economic impact payment from IRS. Parents will also receive $500 for each qualifying child under 17," the IRS said on Twitter on Saturday, specifying that US taxpayers who filed income tax returns for 2019 or 2018 will get the economic impact payment automatically.

In the week of 4 May, the IRS is expected to start sending paper checks to taxpayers who did not provide bank information on their 2018 or 2019 tax returns.

American couples earning up to $150,000 will receive $2,400, while individual Americans earning up to $75,000 will receive $1,200.

According to data from the Coronavirus Resource Center of the Johns Hopkins University, there are over 527,000 confirmed coronavirus cases in the United States, with the death toll having surpassed 20,500.

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