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UPDATED: 4/5/20: The IRS has released a timeline for when economic stimulus checks or direct deposits will go out.
Some folks will see money in their bank accounts as early as April 9th.
The Washington Post reports:
*The IRS plans to begin sending out coronavirus stimulus payments as soon as April 9, But paper checks are set to be mailed out later.*Starting April 24 paper-check the IRS will begin distribution to individual taxpayers making $10,000 or less.*Checks for those under the $20,000-or-less bracket are to be mailed a week later, on May 1, under the plan, followed by Americans earning $30,000 or less on May 8.
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Original post: 3/29/20
As part of the much talked about over 2-trillion dollar economic recovery bill is the distribution of up to $1200 for most Americans.
The prevailing question has been, “When and how am I going to get my check?”
Well, according to Treasury Secretary Steve Mnuchin, the money will be issued within 3 weeks; but, it could be sooner if the IRS has your direct deposit information. If not, a person’s check may be delivered by check in the mail.
Mnuchin told CBS News’ “Face The Nation, “We will create a web-based system for people where we don’t have their direct deposit, they can upload it, so that they can get the money immediately as opposed to checks in the mail.”
For folks who authorized use of their banking information for their tax refund, then the IRS already has your bank information.
Anyone who made $75,000 and under in 2019 will receive a check; people receiving SS will get a check. The average direct deposit or check for a family of four will be about $3,000. If you owe back taxes or any other state or federal obligation, it is not expected to affect your relief check.
Those people who made over $75,000 and up to $99,000 in 2019 will receive a lesser amount; those who made over $99,000 or over will not receive relief money.
And, for struggling small business, Mnuchin said same-day loans will be available for processing by this Friday.
(senate.us.gov)
