Real estate agents in markets where transactional activity has halted may be getting a little relief soon.

Americans eligible for one-time direct payments though the CARES Act could see a direct deposit of up to $1,200 — for an individual — in their bank account as soon as next week, according to CNN. 

Individuals making less than $75,000 — or couples making less than $149,000 — who file taxes in 2018 or 2019 and gave the Internal Revenue Service (IRS) direct deposit information will be the first to receive those payments, according to the report.

The IRS also launched a portal Friday for individuals who haven’t filed a tax return — those with incomes below a certain threshold or recipients of certain government benefits, for example.

“People who don’t have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible,” IRS Commissioner Chuck Rettig said in a statement. “The IRS and Free File Alliance have been working around the clock to deliver this new tool to help people.”

Individuals who have filed taxes but who haven’t given the IRS their bank account information will have to wait at least until next week, according to CNN. The IRS is planning to roll out a web portal where people can check on the status of their payments or submit their direct deposit information.

The speedy manner in which the checks appear like to be delivered could be welcomed news for many in the real estate industry. Redfin and eXp Realty issued layoffs this week and many markets are static due to shelter in place orders.

Email Patrick Kearns

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We've updated our terms of use.Read them here×