Americans eligible for the coronavirus economic stimulus package have started seeing payments arrive in their accounts. The one-time payment from the U.S. Treasury looks to help ease the pressure from the huge economic downturn as a result of the coronavirus outbreak.
Stuart Sopp, chief executive officer of mobile banking startup Current, told The Wall Street Journal that "a bunch of the first wave" of payments from the Coronavirus Aid Relief and Economic Security (CARES) Act have started to appear in their customer's accounts.
Sopp said Current's data indicates that around 40 percent of the deposits so far were for $1,200, although some are as high as $4,700 depending on household specifics and other factors.
Those eligible for the payments received a minimum of $1,200 if they earn less than $75,000. Married couples filing jointly who earn up to $150,000 can receive a joint payment of $2,400, with additional payments of up to $500 available to those who live with children under the age of 17.
On Friday, Current said they had received the first government stimulus payments and will be passing them over to their customers immediately.
"We will continue to credit all accounts with stimulus transactions immediately as soon as we receive them over the coming weeks and months, so please continue to check your account balance in the app and know if you have not yet been credited, it is because we have not yet received your payment from the federal government," the company said in a statement.
People have also revealed that they have received their payment from the government on social media.
I just got my stimulus payment unexpectedly.
— Tán (@ginandtanic) April 11, 2020
It's real y'all. I know it won't be enough for some folks but we're all in this together now.
Just got my $1200 Stimulus payment
— Daniel Ruffner (@ruffner_daniel) April 11, 2020
I just got my $1200 deposit for the stimulus payment!
— cipritchett (@CiPritchett) April 10, 2020
Welp! Just got my one-time only $1200 stimulus payment. How much toilet paper and feminine products ya reckon that can buy?
— Elder Kath (@kjhass) April 10, 2020
Sooo guess who just got her stimulus payment direct deposited😉
— Ri🌸 (@ri_ah_) April 10, 2020
The Internal Revenue Service (IRS) previously said payments will arrive by the start of next week for those who had filed their tax reports for 2018 and 2019 and authorized direct debit. Others, including those who have not filed their returns or receive Social Security, may have to wait weeks or even months for their payment.
The IRS has launched an online tool to assist those who do not normally have to file tax returns in order to help them register details to receive the payments.
The feature is available on the IRS website under "Non-filers: Enter Payment Info Here."
"People who don't have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible," said IRS Commissioner Chuck Rettig.
"The IRS and Free File Alliance have been working around the clock to deliver this new tool to help people."
Correction 4/11/20, 11:30 a.m. ET: This article was corrected to reflect parents with children under the age of 17, not age 18, can apply for additional payments. We regret the error.
