The Internal Revenue Service (IRS) has announced that the next round of stimulus checks has gone out. In a notice posted on its website, the IRS says the next batch of stimulus checks, known as Economic Impact Payments, will be issued to taxpayers this week.
However, unlike the previous batch, which saw most recipients receiving the funds via direct deposit, this batch will see a large number of the funds distributed via snail mail. Here’s what you need to know:
- Those receiving their stimulus check by direct deposit in this next batch could expect to see the funds deposited in their bank account on Wednesday, March 24.
- It’s possible some of those people could see the funds in their accounts today, but they could simply be appearing as “provisional” or “pending” deposits.
- Those receiving their stimulus check via mail will either received it as a physical check or as a prepaid debit card, known as an Economic Impact Payment (EIP) Card.
- Even if you got a previous economic impact payment via check or EIP Card, this next one may come in the form of the opposite. So last time if you received a check, this time you could receive an EIP Card.
- The “taxpayers who do not receive a direct deposit by March 24 should watch the mail carefully in the coming weeks” for the paper check or EIP Card.
- Both paper checks and EIP Cards will come in a white envelope featuring the seal of the U.S. Department of the Treasury—so keep an eye out.
Finally, the IRS notes that future rounds of Economic Impact Payments should go out on a weekly basis from here on out.
“The IRS continues to send the third round of stimulus payments in record time,” IRS Commissioner Chuck Rettig said in the notice announcing the second round of third Economic Impact Payments. “Since this new set of payments will include more mailed payments, we urge people to carefully watch their mail for a check or debit card in the coming weeks.”