The Internal Revenue Service (IRS) is set to issue the next round of Economic Impact Payments to taxpayers this week, adding that many of these will be coming by paper check or prepaid debit card.
For taxpayers receiving direct deposit, this batch of payments began processing on March 19 and will have an official pay date of March 24, with some people seeing these in their accounts earlier, potentially as provisional or pending deposits.
The IRS told taxpayers that a large number of this latest batch of payments will also be mailed, so those who do not receive a direct deposit by March 24 should “watch the mail carefully” in the coming weeks for a paper check or a prepaid debit card, known as an Economic Impact Payment Card, or EIP Card.
The vast majority of taxpayers receiving EIPs will receive it by direct deposit. In addition, the IRS and the Bureau of the Fiscal Service leveraged data in their systems to convert many payments to direct deposits that otherwise would have been sent as paper checks or debit cards, accelerating the disbursement of these payments by weeks.
It added that no action is needed by most people to obtain this round of Economic Impact Payments (EIPs), and people can check the Get My Payment tool online to see if their payment has been scheduled.
IRS commissioner Chuck Rettig said: “The IRS continues to send the third round of stimulus payments in record time. Since this new set of payments will include more mailed payments, we urge people to carefully watch their mail for a check or debit card in the coming weeks.”
Following enactment of the American Rescue Plan Act on March 11, the IRS moved quickly to start delivering the third round of Economic Impact Payments, initiating the first batch of the $1,400 stimulus payments, mostly by direct deposit, on March 12.