CORONAVIRUS
How many stimulus checks are pending and what are the reasons?
The IRS was slated to put approximately 5 million checks in the mail each week for up to 20 weeks. They have already sent out over 100 million stimulus checks.
The IRS has sent out 130 million stimulus checks to US citizens and they plan to send out another 150 million payments. As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Internal Revenue Service (IRS) has been issuing $1,200 Economic Impact Payments to eligible Americans since April, in a bid to help people in the United States cope with the financial effects of the Covid-19 pandemic.
The IRS was slated to put approximately 5 million checks in the mail each week for up to 20 weeks. The agency started mailing checks to the people who have the smallest incomes first, the timeline indicated. Those payments started in April and it is just over 10 weeks since then. That backlog remains an issue as the IRS works on getting up to speed.
According to social media posts, stimulus check deposits have been initiated by the IRS but it appears the money can’t yet be accessed. A number of Twitter users say their bank accounts show “pending” transfers from the government. That is just a processing issue with the bank, however, and the money should be available within a couple of days of arriving into your account. You can also check out the GetMyPayment portal to track your check.
The stimulus money could take up to five months before it is sent to you given the pressure the IRS is under with stimulus checks according to a memo obtained by NBC at the beginning of the pandemic. The IRS says it will send out 150 million payments in total, which has led to significant backlog. There are several reasons for this. For example, around 14 million Americans don’t have bank accounts, according to a Federal Deposit Insurance Corp. survey from 2017. That’s about 6.5% of American households and the IRS has not been able to send them money directly.
The IRS also wanted to give non-filers and those who don't normally get tax refunds the chance to provide their bank information to speed things up for them. If you think you provided the information, there could be another reason behind the delay.
The IRS had distributed 128.3 million stimulus checks and paid out $218.4 billion, according to statistics released May 8. The $2.2 trillion relief bill called the CARES Act set aside $290 billion for direct cash payments to individuals and households.
The IRS was slated to put approximately 5 million checks in the mail each week for up to 20 weeks. The agency started mailing checks to the people who have the smallest incomes first, the timeline indicated.
Reasons why stimulus check payment has been delayed
You won't get a stimulus check if you aren't eligible
You might have made too much money last years to be eligible for a stimulus check. Check who is eligible here.
The IRS has scheduled your payment for later in the year
In April, the IRS estimated it could take up to five months to send every payment out and it is prioritizing the payment schedule by sending checks to those with lowest incomes first.
The IRS still intends to send your payment through the mail
The IRS said it will start sending paper checks and debit cards to those it doesn't have banking information for, from the end of May through June.
The IRS started processing your paper check before you submitted your direct deposit information
The banking information the IRS has for you is out of date or no longer valid
If you didn't file a 2018 or 2019 tax return, or you filed one but weren't due a refund and therefore didn't include bank account details, then you'll need to give the IRS that information so your stimulus payment can be processed quickly.
Your bank had trouble processing the direct deposit
You owe child support
A claimed dependent is not eligible for a payment
This might be the case or perhaps you are under 17 and were not claimed as a dependant. One reason why you might not have a received a stimulus check could be because you were claimed as a dependent by someone else, such as a parent or family member.
You need to file a nonfilers form
If you are eligible for a payment but because of low income didn't need to file a tax return for 2018 or 2019, you may need to use the IRS' nonfilers tool to give the agency your information.