8 million people will get Stimulus package by May 2 (coming early)

[familymgrkendra]

Just heard on ABC News and here is the story from their website:

WASHINGTON (Reuters) - The U.S. Treasury will start sending tax rebate checks to Americans next week, ahead of its previous schedule, and aims to pump $50 billion into the U.S. economy by the end of May, Treasury Secretary Henry Paulson said Thursday.
"We will start a bit earlier. We're a little bit ahead of schedule, so we will start right on Monday with direct deposits," Paulson told Reuters in an interview.
What Do You Plan to Do With Your Check? Tell ABC News
Previously, the Treasury had planned to begin tax rebate payments in early May as part of a $152 billion stimulus plan passed in February. The checks had to wait until after the Internal Revenue Service processed the bulk of tax returns filed before April 15.
But Paulson noted the economy is facing stiff headwinds from high fuel prices and a protracted housing downturn, so the administration wants to rush funds to consumers to keep the economy from deteriorating further.
He said the distribution of rebate payments totaling more than $100 billion will be largely completed by the end of June, well before his previous goal of summer's end.
More than 800,000 electronic payments will be sent to tax filers per day on Monday, Tuesday and Wednesday of next week, with an additional 5 million sent on Friday, May 2.
"Close to 8 million people will get their stimulus payments next week," he said.
"You add that to the incentives for business to make investments, we think that will give the economy a boost, upwards of 500,000 jobs," Paulson added.
He said the economy had slowed down significantly, noting that "last quarter was a tough quarter," with continued downside risks from housing and from financial market turmoil.

So it looks like a majority of those with Direct Deposit could have their money by next week!!! HTH!!

[queenofthehivemomof5]

very cool. We are planning on getting a 500-600 (cheaper if I can find a deal) range laptop for DH because he has POS laptop we got for free on freecycle lastyear and it sucks, I have one $2000 debt to pay off and then we will be REALLY close to being debt free and what ever is left is going into the ol'savings account.

[SummerAnne]

As soon as it hits the bank it's getting transfered to savings for the winter. We just had to make the decision to trade in our car (2000 Civic, owned nearly 5 years, transmission went out TWICE and was going out again... yeah not putting any more money into THAT). The payment is a little bit higher than what we had previously, and winter our income drops, so we're planning ahead.

[Cynthiabutterfly]

Thanks for the post!

[terrortoys]

pay and catch up on some bills $300 electric bills this winter has killed me.. also some towards rising gas.. and some minor home improvements (dh and I do them ourselves a little at a time.)

[terrortoys]

question.. we got our refund rapid (some dame day the rest next day via checks picked up at H&R Block) and state was direct deposited.. I wonder if they will deposit mine or have us pick up a check.. I no longer has the checking account that I had state deposited to.. (Uh Oh!!)

[JANE4girls]

I was wondering about that too...if we had the tax refund check direct deposit does that mean that this automatically will be direct deposit too?

[familymgrkendra]

Anyone who did rapid refund or got a paper check from the IRS will get a check mailed to them.

Those who had their refund Direct Deposited this year will get a DD of this amount into that same account.

HTH!!

[cheynesnana]

Thanks for posting OP... glad to hear it may be coming sooner than we thought... although it's just going to bills....

[darkwing932]

Very Cool!!! Thanks for posting that!! I had checked the IRS website and they had it posted there that they would be sending them according to the last 2 digits of your social security number. Of course ours put us in the last group which was due for May 16th. Getting it a little earlier would be a nice treat!