1st coronavirus stimulus checks will arrive this week, sources tell ABC News

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Saturday, April 11, 2020
Stimulus checks calculator: How much to expect under rescue bill
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Using the guidelines spelled out in the bill passed this week, we're providing a calculator to help you figure out the amount that you're likely to receive.

WASHINGTON -- The United States Treasury has issued the first COVID-19 stimulus check payments via direct deposit to some Americans, ABC News has learned.

Americans who received their 2018 and/or 2019 tax returns via direct deposit will get the stimulus money no later than Wednesday.

"During the 2008-2009 financial crisis, it took the government several months before the first stimulus payments were issued to the American people. This administration has done it in just two weeks. This in and of itself is a major achievement," a senior Treasury official said in a statement.

RELATED: Stimulus checks calculator shows how much should you expect to get under the coronavirus stimulus bill passed

Those who hadn't filed their taxes should go to IRS.gov and enter their information to get their payments faster by direct deposit.

The Treasury has not commented on when Americans will receive paper checks, but a memo obtained by the Associated Press revealed that people without direct deposit information may not get checks until mid-August or later.

Late March, the federal government passed a $2.2 trillion stimulus bill intended to give economic impact payments directly to American citizens during the COVID-19 pandemic.

This comes as a record more than 16.6 million Americans have filed for unemployment in just three weeks. Roughly one in 10 workers have lost their jobs in just the past three weeks.

Individuals whose adjusted gross income was less than $75,000 will receive $1,200, and married couples filing jointly who make less than $150,000 will receive $2,400.

For people who make more, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000. Parents also receive an additional $500 for each qualifying child.

Single filers whose income exceeds $99,000 and joint filers with no children whose income exceeds $198,000 are not eligible.