The deadline is consistent with how fast the December payments went out, which began to be processed three days after the bill was signed by then-President Donald Trump.
But the payment will not be all at once. People whose bank information is on file with the Internal Revenue Service will likely get the money first, as it will be deposited directly into their accounts. Others may receive paper checks or prepaid debit cards in the mail.
The money usually appears in bank accounts as a pending or provisional payment. Some banks have told customers that funds coming later this week will be available from Wednesday.
On Friday, a Treasury official with reporters said that the first batch of payments began to be processed on Friday, that “in the coming weeks,” more would roll out.
Direct deposits will go out first, but paper checks and debit cards will go out before the end of the month.
Most people require no action to obtain funds. Social Security recipients and those who receive Veteran Affairs benefits should automatically receive money even if they do not pay taxes.
“If people don’t see direct deposits over the next several days, there’s no reason to be concerned. These taxpayers will receive payment in subsequent installments,” said an IRS official on the call.
Who gets paid?
According to an estimate by the Penn Wharton budget model, this money is expected to reach about 90% of households. Families will receive an additional $ 1,400 per dependent, so a couple with two children can get up to $ 5,600. Unlike prior visits, families will now receive additional funding for adult dependents over 17 years of age.
The entire amount goes to individuals with incomes below $ 75,000 of adjusted gross income, heads of families (like single parents) earning less than $ 112,500 and married couples making less than $ 150,000. But then as the income increases, the payment gradually ends.
MPs have reduced the scope of payment this time so that everyone who received the previous check will no longer be sent one. It cuts out individuals who make at least $ 80,000 per year of adjusted gross income, heads of families who make at least $ 120,000, and married couples who make at least $ 160,000 – no matter how many. Have children.
The first round of payments last year was up to $ 1,200 and included individuals who had made at least $ 99,000, head of house filers with a child who earned more than $ 136,500 and without marriage. Couples who were married to children with incomes over $ 198,000, but families would have been slightly more eligible if they had children. Approximately 160 million payments were disbursed, with 94% of households receiving funding.
The second round, which cost up to $ 600, ended quickly because the entire amount was small. It paid altogether $ 87,000 for single filers without children and $ 174,000 for children without marriage. Then, if they were children they could earn some more. Around 158 million payments went out, with 92% of families receiving them.
What year are the income limits based on?
If your 2019 income was less than your salary in 2020, you will not withdraw any money. But if your income falls in 2020, file your tax return before making the payment – this could mean that you will get a larger check.
Many of these people have very low incomes and are not required to file tax returns. Last year, the IRS set up an online portal, where they could register for money. It is not yet clear whether the agency will open the portal again for the third round of payments.
Since the last time they filed tax returns, people who had transferred or changed bank accounts would also have been left out.
Those who were due during the first two rounds of payments and did not receive it can claim it as a tax credit known as the Recovery Rebate Credit on their 2020 tax return.
This story has been updated with additional details.
CNN’s Allie Malloy contributed to this report.