New Tools Help You Get Your Coronavirus Stimulus Check Faster
The first batch of stimulus payments went out Saturday and the U.S. government hopes people experiencing financial difficulties will spend the money as the coronavirus pandemic devastates the economy.
The Internal Revenue Service is making payments by direct deposit to people who filed taxes for 2018 and 2019 and authorized direct deposit for their returns. But people who haven’t filed returns, authorized direct deposits, or don’t receive Social Security may have to wait weeks or months to receive money, CNN’s Sam Fossum and Kelly Mena reported.
If you don’t have a traditional bank account, Twitter CEO Jack Dorsey’s mobile payments platform Square would like you to deposit your COVID-19 stimulus payments through its Cash App.
The app has started showing users a pop-up explaining how to go get the payment deposited without having to wait for a paper check in the mail. A Square spokesperson told The Verge that the company wants to make its deposits feature more accessible.
Square set up Cash App’s direct deposit feature in 2018, allowing users to receive paychecks by direct deposit. Much like a bank account, Cash App gives you a routing and account number to receive deposits.
For people who didn’t file taxes in the past two years — you earned too little income to owe taxes, you’re recently incarcerated or you’re homeless — the IRS created a “minimal return” tool. Basically a mini tax return, the minimal return tool collects essential information, Vox reported.
For those who won’t be receiving money by direct deposit, the IRS is expected to begin sending out paper checks on April 24. Lower-income recipients are prioritized first. Higher earners can expect to receive checks in the mail by September.
Treasury Secretary Steven Mnuchin announced the new tool on April 10.
“@IRSNews just launched a FREE web portal for millions of Americans who are not required to file tax returns to make sure they get their payment as quickly and securely as possible!”
Listen to GHOGH with Jamarlin Martin | Episode 70: Jamarlin Martin Jamarlin goes solo to discuss the COVID-19 crisis. He talks about the failed leadership of Trump, Andrew Cuomo, CDC Director Robert Redfield, Surgeon General Jerome Adams, and New York Mayor de Blasio.
The IRS said it’s releasing a new tool on April 17th to update your direct deposit information with a new account.
Cash App isn’t the only mobile payments platform offering direct deposit for people without a bank account. Its competitors including Venmo and PayPal offer similar services, allowing you set up direct deposits with them without a bank account.
Twitter CEO Dorsey tweeted on March 26, “People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help.”