Financial institutions in the Twin Lakes Area and across the nation have released information from the United States Treasury department on the Economic Impact Payments (EIP) most Americans will receive as a response to the financial impact of the COVID-19 pandemic.
According to the release, the Treasury Department has indicated that EIP, or stimulus checks, will begin being deposited for those who receive federal tax returns via direct deposit next Monday.Checks will be issued to the lowest-income recipients first, with others arriving over the following two weeks. If you have already filed your 2019 tax returns, the IRS will use the direct deposit information you provided.
If you have not filed your 2019 tax returns, officials will use your 2018 tax returns and direct deposit information. If you do not file taxes and receive Social Security payments, your direct deposit information will be used.
For those who do not receive direct deposits, it could still be up to six to eight weeks before physical checks are mailed.
The Internal Revenue Service says on its website, in the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so they can receive payments immediately, as opposed to checks in the mail.
Read more from the Internal Revenue Service here.
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