The Ever-Changing Saga of the Economic Impact Payment Checks
Today is April 10, Good Friday, and there’s a new round of information on the airwaves about the much-anticipated release of the economic impact payments included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act President Trump signed into law March 27. Despite yesterday’s announcements that a portion of the payments would begin showing up in bank accounts April 9, the Detroit Free Press now reports that … stimulus cash will begin flooding into millions of bank accounts next week in the first wave of payouts to shore up the nation’s wallets.”
Yes, it’s confusing, and the conflicting reports of release dates for the anxiously awaited payments tend to frustrate those in dire need of the funding to meet immediate needs. But there are a lot of moving parts in this program, and the intricacies of arranging for implementation of a program of this magnitude in a matter of weeks can be astounding. The Detroit Free Press article offers some additional clarity to the issue, reporting that “Millions of taxpayers will begin receiving the extra money to pay rent, groceries and other bills as early as next week, possibly by April 15.” The article also discusses the succeeding waves of payment releases anticipated following next week, as well as the steps planned for those without the advantage of direct deposit to receive their payment.
The article concludes with a recap of the details on the payments themselves and the taxability of the payments. Access the Detroit Free Press here….