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Stimulus money: IRS sets May 13 deadline for direct deposit info

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SAN FRANCISCO (KRON) – Still waiting for your coronavirus stimulus check?

If you have yet to receive any money from the government, you are strongly advised to sign up for direct deposit.

The Treasury Department and Internal Revenue Service have set Wednesday, May 13 as the deadline to sign up for direct deposit via the Get My Payment tool online, which remains the quickest way you can receive your money.

An estimated 130 million people have already received the coronavirus stimulus payments stemming from the CARES Act, but millions are still waiting for their money.

The IRS warned last week that later this month the number of paper checks being sent out will sharply increase, and that for many American taxpayers, the last chance to sign-up for direct deposit rather than getting a paper check is looming.

The IRS said they will assist in preparing millions of paper checks after Wednesday for delivery in late May and into June.

Those who want to receive their checks before then should use the online tool to enter their direct deposit information before the Wednesday deadline.

If you decide not to sign up for direct deposit, then you’ll receive your check through the mail. Americans with the lowest income will get mailed checks first.

Around 5 million paper checks will be issued each week, a House Committee Memo indicates. 

In the program’s four weeks, the IRS says they have already distributed more than $200 billion worth of payments to 130 million individuals.

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