The IRS tweeted Saturday that the first coronavirus stimulus checks have been deposited.
As President Trump vowed, the money comes as unemployment has hit historic levels as Americans are frozen at home during the pandemic.
In a series of tweets, the Internal Revenue Service said it realizes “many people are anxious to get their payments; we’ll continue issuing them as fast as we can.”
The agency added that “for most people, no action is needed to get an economic impact payment from #IRS. Parents will also receive $500 for each qualifying child under 17.”
These deposits come from the massive $2.2 trillion coronavirus recovery package passed two weeks ago. Through that legislation, Americans earning less than $75,000 a year will receive a check for $1,200, or couples earning less than $150,000 will receive a check for $2,400. The payments decline for those who make more.
Treasury Secretary Steve Mnuchin said the bill should keep the economy afloat for about three months. Trump and congressional leaders already have begun talking about one or two more follow-up packages as the COVID-19 crisis keeps the economy shut down.
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