April 25, 2008

Stimulus checks will go out early

Legislation updates provided by Rob Smith, Ceridian manager of Government Relations

Starting Monday, April 28, the U.S. Treasury Department will begin distributing the first 800,000 economic stimulus checks, five days earlier than originally planned.

These stimulus checks will be sent out or automatically deposited each day on Monday, Tuesday and Wednesday. No payments will be sent on Thursday, and the government will make 5 million payments on Friday.

Overall, the Treasury will dispense $100 billion to over 130 million tax payers by July, with the first $50 billion being sent by the end of May.

The Bush Administration and Congress hope the checks will help boost consumer spending to help stave off recession in the wake of the mortgage securities crisis that began unfolding last year.

Learn more about the economic stimulus payments.