The IRS has announced that they will now be sending out economic stimulus payments starting this Monday, April 28th. Initially, the first direct deposits were going to be sent on May 2nd, but the government can't wait to stimulate the economy.
Of course, I have no idea how sending everyone a one time check will actually stimulate the economy over an extended period of time. Maybe the underlying assumption is that recipients will go out and spend the money on goods and services that they don’t need. But, I suspect that many people will use it to pay off credit card debts, payday loans, get current on their mortgage, or save for their emergency fund. Of course, even if they do spend it, there's no guarantee that this will actually make any lasting impact on the economy. Maybe it might impact the 2nd quarter numbers but what after that? Will the government send us quarterly checks to keep on stimulating the economy?
Here is the original timetable for receiving your payment:
DIRECT DEPOSIT
Last two SSN digits: Payment will be transmitted by:
* 00 through 20 May 2
* 21 through 75 May 9
* 76 through 99 May 16
PAPER CHECK
Last two SSN digits: Payments will be mailed by:
* 00 through 09 May 16
* 10 through 18 May 23
* 19 through 25 May 30
* 26 through 38 June 6
* 39 through 51 June 13
* 52 through 63 June 20
* 64 through 75 June 27
* 76 through 87 July 4
* 88 through 99 July 11
But it seems that these dates will be pushed forward a few days. You should start seeing direct deposit this coming Monday.
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