Many receive first wave of stimulus payments, other checks to arrive as soon as Wednesday

White House commits to sending stimulus checks within 2 weeks
Posted at 7:51 PM, Apr 13, 2020
and last updated 2020-04-13 20:51:29-04

MILWAUKEE — Individuals who have direct deposit information on hand with the IRS will see their stimulus checks hit their account as soon as April 15th.

Mary Lou Robinson is thankful to have a job still because, with record unemployment numbers, she knows the hard reality many are facing. That why Mary said when her stimulus payment clears, she plans on saving away some money.

"I had nothing to prepare myself for this, and I am fortunate because I am an essential worker to be able to still work, but that can change overnight if I get sick," said Mary Lou.

Mary's said her $1,200 would help towards essential needs like fixing her car and paying medical bills.

For individuals like Mary, who make under 75,000 a year, they will receive a $1,200 payment. Those who are married, filed jointly, and make under $150,000 qualify for a $2,400 payment and an additional $500 for qualifying child.

But financial planner, Tony Drake, said how you utilize your money should depend on your situation. He said if you don't have a job, first, contact your lenders to see if some of your bills can be pushed back.

"That will give you a little bit of extra cushion in the budget." "Pay bills like electric just to keep your lights going but ideally contact the lender because most of them are being flexible," said Drake.

Drake said if you have extra money, start using that to build up a savings account.

"Hopefully, you haven't lost your job like million Americans have, but if you're in a position where you feel like you might lose your job, you want to build up the emergency fund we recommend 3-6 months of expenses, so you have that on hand," said Drake.

The IRS is launching a new tool to track your stimulus check. For more information, click here.

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