Tens of millions of stimulus checks should be available in bank accounts starting Wednesday, March 17. Here’s the latest timeline on when you might see the money.
The Internal Revenue Service has started processing and sending out stimulus checks for millions of Americans after President Joe Biden signed the $1.9 trillion coronavirus relief package.
But it could take some time before individuals and families see the money, and in some cases, it may depend on what bank you have. Tens of millions of people should be receiving their stimulus checks on Wednesday, March 17, according to the American Bankers Association.
Biden pledged on Monday that there will be 100 million stimulus checks in people’s pockets in the next 10 days. Just after the relief aid was signed by Biden last week, White House Press Secretary Jen Psaki said “payments to eligible Americans will continue throughout the course of the next several weeks.”
The latest round of relief payments will provide households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives. Adult dependents were not eligible to receive payments in the previous two rounds of payments.
The payments start declining for an individual once adjusted gross income exceeds $75,000 and go to zero once income hits $80,000. The payment starts declining for married couples when income exceeds $150,000 and goes to zero at $160,000.
Over the weekend, the IRS re-launched the “Get My Payment” tool on the IRS.gov website to help Americas track their own payments.
‘Payment status not available’
If you are getting “Payment Status Not Available” from the IRS stimulus check tracker — don’t be alarmed.
According to the IRS, if you receive that message it can mean one of three things:
- You are not eligible for the payment.
- The payment has yet to be processed
- The IRS doesn’t have enough information to issue the payment to you
The agency said it will continue to issue the 2021 Economic Impact Payments throughout 2021.