HARTFORD, CT (WFSB) - Some people woke up on Wednesday to see a bump in their bank accounts.
The Internal Revenue Service began depositing stimulus payments in taxpayers' accounts this week.
The payments are part of a $2.2 trillion stimulus package that was approved by both Congress and President Donald Trump.
The checks are larger than any other stimulus payment, much like the economic crisis the country is facing due to the coronavirus pandemic.
People are out of work and the hope is that the money will help keep the economy afloat.
Taxpayers who earn $75,000 or less per year will see the full $1,200. That means $2,400 for couples who near a combined $150,000 per year. Less money will be distributed to those who earn more.
Parents will also receive an additional $500 per child who us up to the age of 17.
Calculate your stimulus payment here.
"A lot of these checks are going to go toward towards basic needs, whether they're simply paying rent or putting food on the table," said Brian Kench, business professor at the University of New Haven.
Anyone who earns more than $99,000, or couples who make more than $198,000, will not see a check.
The amount taxpayers will see is based on their adjusted gross income from the prior year's tax return.
The payments also go to anyone with a social security number, even if they don't have to file a tax return. That means senior citizens, some veterans and people with disabilities are eligible for the payments.
While the checks are supposed to boost the economy, in all likelihood, many Americans are expected to use the money to pay bills or save.
Channel 3's financial expert, Joel Johnson of Johnson & Brunetti, said the most important thing is that the checks provide people with some confidence.
"People are so nervous right now about what's going to happen with the economy, a lot of people have been laid off and if they haven't been laid off they're worried that even though there's that promise to get back to work soon, if they don't get back to work soon there might not be a job for them," Johnson said.
Not everyone will see a payment on Wednesday.
If the IRS doesn't have a taxpayer's bank account information, it obviously can't transfer the money by direct deposit.
That means a person like that will see a check in the mail.
However, it could take weeks for the federal government to send those out.
The IRS said it is working on a way for people to provide banking information so it can do more direct deposits.
Stay with Channel 3 for continuing coverage of the coronavirus outbreak.