Americans could see coronavirus relief checks in their bank accounts in about two weeks, said Treasury Secretary Steve Mnuchin.
Speaking on Thursday, Mnuchin promised that the checks would be delivered “quickly, within weeks, not months.”
The Treasury Department told USA Today that up to 70 million Americans would see money deposited directly into their bank accounts by April 15, with the “vast majority of eligible Americans” receiving their deposits within three weeks. .
The first round of payments will go to those who have their 2018 or 2019 tax return direct deposit information on file with the IRS.
“The vast majority of people do not need to take action. The IRS will automatically calculate and send the economic impact payment to eligible people, “said the IRS in a statement. “For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed for 2019, the IRS will use the information from their 2018 tax return to calculate the payment. The economic impact payment will be deposited directly into the same bank account indicated on the declaration. “
Delivery of stimulus checks will take longer for those who do not have their direct deposit information on file with the IRS, although Mnuchin has postponed reports, it could take months.
“This money is useless to people if it appears in four months, and we will keep that promise,” he said.
To speed up the process, the IRS said it will develop a web portal that allows individuals to provide online banking information and avoid paper checks. The information on the website has not yet been published.
“We don’t want to send checks in this environment,” said Mnuchin. “We don’t want people to receive checks. We want to put money directly into their accounts. “
The coronavirus stimulus provides $ 1,200 for people earning up to $ 75,000 and $ 2,400 for married couples depositing jointly and earning up to $ 150,000. Beneficiaries who earn more than these amounts will have their payments reduced by $ 5 for every $ 100,000 above the income threshold.
Single tax filers who earn more than $ 99,000 and joint tax filers who earn more than $ 198,000 are not eligible.
The stimulus also provides $ 500 for each eligible child.