Direct-deposits of $ 1,200 stimulus checks will start arriving on Wednesday with banks being warned tonight which accounts the IRS will send them – but paper checks for the poorest will arrive WEEKS from now.
Americans who provided their direct deposit information to the IRS will see their $ 1,200 stimulus checks in their bank accounts on Wednesday.
Others could wait weeks or months on paper checks that include the dollars allocated to low-income and middle-class Americans under the CARES Act.
On Friday the Treasury Department will warn banks to confirm that the money is going into the correct accounts
In addition, according to Politico, the Treasury is expected to publish a ‘Get My Payment’ website that will allow Americans to enter direct deposit information.
This tool is for people who don’t normally file a tax return. https://t.co/cawOM1sB2n
— USA TODAY (@USATODAY) April 11, 2020
Paper checks will start to be mailed out in early May, though it may take through September to pay all the money
Americans who provided their direct deposit information to the Internal Revenue Service will see their $ 1,200 stimulus checks in their bank accounts on Wednesday.
But others, who did not provide banking information when filing their tax returns, could wait months to see their stimulus dollars.
The move came the day after official new unemployment claims hit 16.8 million and amid growing signs of economic despair across the country, with food banks reporting record-breaking demand.
Democrats are already suggesting that more checks will be needed to keep people going.
The Treasury Department will take the first step on Friday in distributing the millions of dollars in payments by alerting banks to confirm that the money will go into the right accounts, according to Politico.
And then on Monday, the IRS will begin processing the payments.
Politico also reported that the IRS was expected, on Friday, to announce the launch of an online application called ‘Get My Payment’ that would allow taxpayers who filed taxes in 2018 or 2019 to submit direct deposit information that would allow electronic transfer of funds.
Big update today in the fight to ensure seniors & people with disabilities actually get #COVID19 stimulus checks:
The **entire Democratic caucus** issued a 🔥 letter to Treasury demanding that all SSI & VA beneficiaries receive payments without having to file a tax return 👇 https://t.co/thcmqxgE4B
— Rebecca Vallas (@rebeccavallas) April 4, 2020
The web hub should be ready later this-month.
That would cut down on the number of physical paper checks the government would have to produce in order to pay all eligible Americans their stimulus boost.
It is estimated that 100 million Americans do not have a direct deposit.
That means 5 million checks would be posted every week over 20 weeks, Politico sources say – leaving some Americans empty handed until September, according to the Washington Post.
Antibiotics don’t work on viruses, for those keeping track https://t.co/dItyayCtP1
— Blake News (@blakehounshell) April 10, 2020
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