PORTLAND, Ore. — The Internal Revenue Service said more than 80 million Americans should see their payment deposited into their bank accounts Wednesday. However, if you did not get yours, the app to track it also launched on Wednesday.
ECONorthwest estimates a total of 1.5 million Oregon households will receive these economic impact payments, or what some are calling stimulus checks, totaling $3.4 billion dollars.
“I think it's going to provide some immediate relief especially for those that are having the hardest time, those who have been unemployed recently,” said ECONorthwest president John Tapogna.
Many people will likely use this money to catch up on bills or rent, which is why Tapogna said we will not see much of an impact on our economy for the time being.
“In that way it's a bit more of a disaster relief than it is stimulus. I think the stimulus piece, folks will hold onto this money. Those who are in somewhat better shape are probably going to think about spending it more in the summer period or into the fall,” Tapogna explained.
The tool to track your payment was not expected to be up and running until Friday, but it launched Wednesday on the IRS website.
On the IRS website, click “Get My Payment.” It will let you check the status of your payment and tell you whether the IRS needs more information from you. You have to click “get my payment” again, then agree to the terms before it will take you to another page that asks for your social security number, date of birth, and address. Enter all your information then hit continue. The next page will tell you the status of your payment.
In some cases it will display a date telling you when you will receive your payment. Others though encountered pages that said, “payment status not available” or a page that says they are eligible for a payment without a deposit date.
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The IRS said the site is updated once daily, usually overnight, and because so many people are using it, the IRS is asking everyone to only check it once a day.
KGW is still waiting to hear back about what you should do if you think your payment amount is wrong.