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Stimulus Check Timeline Update: Monday 20, 2020 | When Will Your Stimulus Check Arrive? - YouTube
Channel: The TEC Show
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what's going on everybody David here
today we're gonna talk about the
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stimulus check timeline but first off on
this channel we talked about personal
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finance and traveling on a budget that
sounds like something interesting to you
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please hit that subscribe button don't
forget to at the little Bell
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notification so you can get future
updates on my videos okay so this is
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everyone wants to know like when am I
getting my check right the first wave
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has already gone through so we've
already passed from April 13th through
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April 17th that first wave is done and
now we're going to look at some of the
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other timelines that are that are
available now it's unfortunate that the
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IRS has not given us just a straight
timeline this is what's gonna happen and
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this is when it's going to happen a lot
of the information that we're getting
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we're getting bits and pieces from from
different articles that have been put
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out and so that's why you see a lot of
different people telling you different
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times in different timelines and it's
unfortunate it's very unfortunate if the
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federal government has not just stepped
up and said okay look these are our
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target dates and then kept us up to date
with when it comes to when these when
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these checks will be mailed out so this
is how we have to deal with the
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situation right now however I do have
some good news the House Ways and Means
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Committee put out a memo basically
stating when they expect the time line
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to be so for those of you don't know the
House Ways and Means Committee oversee
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the budget so the IRS and all these
other agencies that need to send out
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money or need money the House Ways and
Means Committee they oversee that so
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they have a pretty good idea of when
things should be going out and they put
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out a memo on April 16th I know April
16th last week hopefully they'll put out
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another one if they put out another one
I will definitely put that out as well
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so make sure you subscribe to the
channel so you get the most updated
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information when it comes to when they
put out memos however they put out a
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memo and they basically gave us a
timeline a rough estimate of a timeline
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of when we can expect things to happen
so let's go ahead and take a look at
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that so this is the website the House
Ways and Means Committee I will post a
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link in the description to the actual
timeline but I just want to show you a
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little bit of the navigation here so you
can figure out if you go to their main
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page you can figure out how to get to
the the information that you need so
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first thing you want to do is go to the
newsroom
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so hit the press releases and then once
you hit the press releases then you're
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gonna move down and we want to look at
the Ways and Means Committee kovat
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resources so click on that and then that
will open up this here and then now we
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have all these different things that
they have oversight over and the things
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that they've been looking into and so
what we want to know is the timeline
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right so where's that timeline here it
is expected timeline so click on that
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one okay so here's the memo here and
I'll read the first paragraph to you
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guys and then we'll kind of briefly
summarize the rest of what's on here so
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after extensive conversation with the
Internal Revenue Service and the
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Department of Treasury the staff of the
Ways and Means Committee
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expect the IRS to issue economic impact
payments following a blow timeline this
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timeline is subject to change given
ongoing discussions by the chairman the
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committee remains focused on ensuring
all eligible Americans receive their
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payment as quickly as possible okay so
they start with that now one of the
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issues and this has been going back and
forth but the IRS is basically saying
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that a hundred and seventy million
rebates will be will be sent out now
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what the Ways and Means Committee has
has discovered is that there are more
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people than what was previously reported
by the IRS and they're showing you here
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this is kind of the breakdown of people
that that should be receiving rebates so
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you have a hundred and forty five to a
hundred and fifty million tax payers who
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filed returns below the cares Act so if
they're below that threshold 145 150
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million people qualify for for the
stimulus check and then you have another
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25 to 30 million that are on Social
Security beneficiaries or SSI recipients
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that did not file returns okay so that's
25 to 30 million then you have 14 to 15
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million non filers who are below the
filing thresholds which is people who
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don't file their taxes every year
because they're below that that
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threshold then you have 6 million
veterans and then 500 to 600 thousand
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individuals who receive benefits from
the
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Railroad Retirement Board so those
numbers and I did a quick little tally
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it's about a hundred and ninety million
and the IRS was expecting about a
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hundred and seventy 1 million so now you
can see maybe that's the reason why
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there's a slowdown or there's some
confusion because the numbers don't
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match up and there are more people that
are probably going to be receiving the
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rebates then initially thought by the by
the IRS so that might be some of the
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issue that's going on when it comes to
this whole situation now moving on down
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here they're talking about the the
timeline of when things will be mailed
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out and we already know April 13th was
last week and 80 million Americans
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should have received their check now
that doesn't mean that 80 million
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Americans did receive their direct
deposit but that is that was their goal
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so the people that didn't receive it
last week should hopefully be receiving
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it this week and they kind of outlined
exactly what's going on when it comes to
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some of the people who have not received
anything okay so additional rounds and
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now this is where it gets a little bit
confusing and I have put out information
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saying this week they're processing a
direct deposit so some people should
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receive their checks this week when if
they're on Social Security SSI SSDI now
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they're not they don't specifically say
that they just say the second round
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starts this week so every week on a
weekly basis it says right here the IRS
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plans to make additional rounds of
payments by direct deposit and paper
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checks weekly so every week should be a
different round is what they're saying
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so whether what they are saying is
people who were luckily able to get into
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the the the web portal and put in their
new direct deposit information and they
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were able to do it by Thursday of last
week will be receiving direct deposit
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this week
so they're going to take care of those
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people first and then hopefully at the
end of this week they will be able to go
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ahead and get some people who are on
Social Security SSI SSDI veterans and I
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keep saying SSI actually when we get
down below they do talk specifically
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about SSI
why SSI was put at the end of this this
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whole thing we'll talk about that in a
second but Social Security the people
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who were initially initially quoted as
getting not having to fill out any
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additional information so that would be
Social Security and the Railroad
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Retirement those are the two and then
SSDI as well so they hopefully by the
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end of this week there will be direct
deposit in some of those checks and then
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by next week they'll breathe they'll be
sending out the rest so let's go ahead
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and move on down here and this just
gives you some information like I said
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I'll leave a link so you guys can go
ahead like if you're saying well how do
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I go to the portal how do I find that
the information is here there is a link
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here you it's a clickable link so you
can go on there and do find out what the
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status is of your payment and if you're
an on file you can fill out this simple
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form so that's the information here now
beginning the week of April 20th that's
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today the IRS also will begin issuing
paper checks on a weekly basis to
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individuals who have not provided direct
deposit information but for whom the IRS
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has a mailing address paper checks will
be issued at a rate of about 5 million
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per week which could take up to 20 weeks
the checks will be issued in reverse so
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they're they're doing it reversed so
basically the people who make the least
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amount they're gonna be getting paid out
first when it comes to the checks and
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then the people who make the most are
closed closest to the $99,000 threshold
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they'll be receiving their checks and
last so they're they're just telling you
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that so just so you understand they're
gonna they are gonna make a priority of
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priorities gonna be the people who make
the the least amount of money and work
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on those people first now at the end of
April adult Social Security retirement
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survivors and disability insurance
beneficiaries who did not file tax
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returns in 2018 or 2019 will receive
their benefits if they receive the
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Social Security benefits of via direct
deposit nearly 99% of beneficiaries use
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direct deposit Treasury has announced
that adult SSI recipients will receive
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their rebates by early May at the latest
in the same way as they receive their
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normal benefits and this is what I was
talking about SSI it looks like SSI is
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going to be at the
and of everything they haven't even
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talked about veterans on here now
veterans we just learned last week that
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veterans do qualify for the automatic
payments but they have not indicated how
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they're gonna go about that and what
they're gonna do when it comes to that
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so we'll have to wait and see what
happens when it comes to that but that's
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kind of the timeline and I know it's
frustrating because it's not like a
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regular timeline that we want to see
okay Social Security on April 24th we're
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gonna send out the direct deposit to for
you guys and then SSI the next week on
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this date we're gonna send out they have
not done that they're basically just
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kind of saying every week we're gonna
have a different round and you might
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fall into that round of mailing they're
just leaving it really really loose and
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open that's their strategy it does make
people frustrated I understand
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especially if you're trying to get on a
website where they tell you oh you can
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check the status to find out exactly
when you're gonna get your your direct
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deposit or your check but the portal is
not working right so a lot of people
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having issues with that so it is a
frustrating thing i we've never been in
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a situation like this before where we've
had kind of a real urgency to to get
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money into the system and into people's
pockets so they can buy things like
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groceries and things like that and pay
their rent
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so we haven't been in a situation that
is this dire and being in a situation
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that says dire now it is frustrating
that you can't just find out exactly
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when it's coming so you can plan your
bills accordingly so I want to know what
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you guys think though what do you guys
think about the timeline please let me
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know down below have you received your
check that's really really important I
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want to know if you guys have received
your check yet and what status you are
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so if you're a non filer SSI Social
Security all that information put it
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down below if you are just a regular
filer you find your taxes you received
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your check you did not receive your
check let us know because that will help
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as far as future videos I can say you
know what these people have told me that
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they received their checks and they're
receiving Social Security so let's say
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they roll out at the end of the
the end of the week they started rolling
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out Social Security direct deposits if
you guys let me know that I can let
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everybody else know that as well so
please down in the comment section let
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us know what your status is if you like
this video please give me a thumbs up
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please subscribe for more and I'll talk
to you in the next one
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