On Friday, the IRS beginning depositing $1,400 stimulus checks in millions of bank accounts across the US. This is welcome news for millions of Americans who've been waiting months for more government support. Here's the latest information on how many stimulus checks have been sent so far and when you might expect yours if you're still waiting.
Millions of Bank Transfers Have Been Made
The IRS said they would start sending checks "this weekend" but in reality bank transfers started happening on Friday.
Here's our YouTube survey we put up Saturday morning. It show's 15% of our subscribers have already received the money in their bank account. (Technically, for many, it is still "pending" in their transactions tab.)
According to Jeff on YouTube: "My wife & I got ours this Saturday morning". Another user said, "My Stimulus was deposited in my account yesterday [Friday] @ 5:32 pm". And finally, another report of receiving a Friday deposit, "Last night around 10:37pm. For me, my children and my grandson!"
Some Have To Wait for Transfers to Clear
Many of the reports in comments have said their stimulus checks were "pending" until Wednesday March 17th. For people in dire need of fast cash, this was frustrating to see.
According to Jeremy, a YouTube user: "Yes mine is pending till the 17th, how awful to tease my family when I needed it yesterday, nothing worse than seeing it but having to wait 5 days for it"
In general, however, the responses to our poll showed that even folks having to wait until Wednesday were happy to see deposits in their bank accounts.
The Speed Of Checks Sharply Contrasts with Small Business Funding
Based on these reports, millions started receiving bank transfers less than 24 hours after President Biden signed the bill into law. This makes it seem like the IRS was ready for the go signal, to begin transferring payments.
Compare this to the EIDL small business grants saga, where, nearly 3 months in, the vast majority of folks have not received a Targeted EIDL Grant. According to our last poll, only around 3% of folks had been approved for the Targeted EIDL Grants program.
Similarly, millions of business owners are still waiting to receive PPP funding as well, with the program set to expire at the end of March. However, it is likely this program will be extended by at least 2 months.
The IRS Will Continue to Send Batches in the Coming Weeks
According to the NYTimes, "More batches will be sent out in the next few weeks, with some payments arriving by mail as checks or debit cards."
You can also check your status on the IRS website, under the Get My Payment section. If you'd like to see self-reported progress, you can also follow us on YouTube and Instagram where we'll be conducting more surveys.
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