The IRS said people do not have to take any action to receive the second stimulus payment because they are automatic. The agency said citizens should not contact their banks, financial institutions or the IRS with questions about the timing of their payments.
At least one financial institution reported higher than normal online traffic volumes Friday morning as people checked their bank accounts.
More than 6 million Ohioans received a stimulus check in the first round of payments that as part of the federal CARES Act, according to IRS information released in June. Ohioans received more than $10 billion in payments.
The first economic impact payments were $1,200 for most recipients who qualified.
Kyle Pomerleau, a resident fellow at the American Enterprise Institute, said about 89% of all households (158 million Americans) will get a payment in this round.
FILE - In this April 23, 2020, file photo, President Donald Trump’s name is seen on a stimulus check issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak, in San Antonio. Hundreds of thousands of dollars in coronavirus relief payments have been sent to people behind bars across the United States, and now the IRS is asking state officials to help claw back the cash that the federal tax agency says was mistakenly sent. (AP Photo/Eric Gay, File)
The IRS issued about 160 million stimulus checks worth approximately $270 billion for the first round of economic impact payments to eligible Americans, according to the AARP.
Pomerleau said he expects the number of recipients to decline because fewer households will get partial payments.
“This happens because of the way the payment phases out with income,” he said. “Overall, I estimate that the number of households that will receive a partial payment will fall from around 7% of households to 4.5% of households.”
The new payments were authorized by recently approved COVID-relief legislation.
The payments generally will be $600 for singles and $1,200 for married couples filing a joint return. Households will qualifying children will also receive $600 for each qualifying child.