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Many people have already started to receive their stimulus funds from the stimulus package.
These are people who signed up for direct deposit from the IRS whenever they filed their taxes in 2018 or 2019. (You’ve probably already heard from others that their funds have showed up in their bank accounts.)
But if you did not sign up for direct deposit and instead will be receiving a paper check in the mail, those will be delayed a few days because, according to the Washington Post, the IRS is being forced to recode and rework its printing process in order to add President Trump’s name to the checks.
Reportedly, President Trump wanted his signature to be on the check as the signing party but this was not allowed since the U.S. president is not an authorized signer for payments made by the Treasury.
So instead of having the President sign the checks his name will appear in the memo section of the check.
Specifically, it will say: “President Donald J. Trump” below a line that says “Economic Impact Payment.”
The memo section of the check is traditionally a section used to make special notes about the transaction that might be helpful to yourself or to the party receiving the check. It would make sense to include “economic impact payment” in the memo section but including the name of the president is definitely a peculiar use of the memo line.
This is the first time that a President’s name has appeared on a check from the IRS.
Many people are seeing this as a political stunt given how the 2020 elections are right around the corner.
It is really rubbing a lot of people the wrong way that this is causing a delay to people who are truly in need of these funds.
These checks will be issued out in order of financial need (income bracket) so the lowest income bracket will receive their funds first.
Here are the expected timelines for receiving paper checks (based on your income)
- April 24: less than $10,000
- May 1: $10,001 – $20,000
- May 8: $20,001 and $30,000
- May to September: in order from lowest income to highest income based on 2018 or 2019 tax information.
- September 4: Any remaining checks
- September 11: Checks to those who didn’t provide contact information to the IRS.
So if this is true, this means that those who are in need of these checks the most will suffer a delay of several days because of this. And if that delay is true, it is a shame because including the President’s name in the memo section is not a necessity by any means. (That section could easily be left blank.)
I would recommend for you to sign up for direct deposit as soon as possible so that you can expedite the delivery of your funds and just avoid the check route altogether. Sign up for direct deposit will be available in the next couple of days, if not tomorrow.
I will be sending out notifications when the direct deposit sign up goes live so be sure that you sign up for notifications by clicking on the bell in the lower right corner of this website.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.