Coronavirus stimulus checks going out this week - FOX34 Lubbock

Coronavirus stimulus checks going out this week

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Coronavirus stimulus checks are starting to arrive, intending to provide some relief to millions of Americans who are out of work.

Treasury Secretary Steve Mnuchin said about 80 million Americans are expected to get their money by Wednesday, April 15. 

James Arnold, president and CEO of American Bank of Commerce in Lubbock, said that payment will be automatic if you filed your tax returns in 2018 or 2019.

"The IRS has record of that, and they're just going to direct deposit into those bank accounts, otherwise there's going to be a delay and they'll have to mail checks out," Arnold said.

How much you get will depend on your income. According to the IRS, single individuals who earn up to $75,000 will receive $1,200 in payments. Married couples who file jointly can receive $2,400.

"If you, as a household, make more than $198,000, you phase out, and you're not going to get a check," Arnold said. "The families get a check for $500 for each kid, the maximum per family is $3,400."

Also, be aware of scam artists trying to claim your check, Arnold said. The IRS will not call you.

"Debt collectors cannot force you to pay them with the IRS check," Arnold said. "There's some scams going around where some debt collectors are trying to get in front of this and call people and say the IRS mandates that you pay us first."

Filers who do not receive electronic refunds can send their bank information to the IRS with the Get My Payment app, which is set to launch by Friday. Those who do not file taxes can visit irs.gov and click the 'Non-Filers' section to enter bank information. More information on the Economic Impact Payments can be found on its website.

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