About 800,000 tax payers will have a little more money in their bank accounts by the end of the day today. The IRS began making direct deposits this morning. The government plans on 800,000 such transactions each day, today, tomorrow and Wednesday. After a break on Thursday, 5 million direct deposits will be made on Friday.
The first paper checks will be mailed by the IRS on Friday, May 9th.
The rebates, which are expected to reach 130 million households, include 600 dollars for an individual and 1,200 dollars per couple. Families with children will get 300 dollars for each child.
They are part of a 168-billion dollar stimulus package that the administration hopes will spur consumer spending and revive the economy.