Treasury Secretary Steven Mnuchin announced at the White House coronavirus press conference on Thursday, April 2 that individual stimulus relief checks would begin being distributed to Americans via direct deposit in two weeks.
“I told you this would be three weeks, I’m not committing to two weeks. We’re delivering on our commitments,” Mnuchin said.
“Within two weeks the first money will be in people’s accounts.”
Treasury Officials and the IRS told the House of Representative’ Ways and Means Committee that the “first wave of economic impact payments” would begin the week of April 13.
Currently, the IRS is scheduled to make direct deposit payments in mid-April and about 2-3 weeks after those deposits are made the IRS will begin issuing paper checks.
However, it could take up to 20 weeks for all of the paper checks to be distributed to the nearly 100 million Americans who do not use direct deposit to file their previous taxes.
People with the lowest incomes are expected to get their paper checks first.
There is still time to set up a direct deposit, even if you did not file your tax returns, at irs.gov/coronavirus.
The Federal Trade Commission wants Americans to know a few things about the relief checks:
You don’t need to do anything. As long as you filed taxes for 2018 and/or 2019, the federal government likely has the information it needs to send you your money.
Social Security recipients and railroad retirees who are otherwise not required to file a tax return also do not need to do anything to receive their money.
If you otherwise have not filed taxes recently, you may need to submit a simple tax return to get your check.
Do not give anyone your personal information to “sign-up” for your relief check. There is nothing to sign up for.
To set up direct deposit of your check, communicate only with the IRS at irs.gov/coronavirus. And you only need to do this if you didn’t give the IRS your bank information on your 2018 or 2019 return.
No one has early access to this money. Anyone that claims to is a scammer. The timeline for this process is not exact, but it looks like funds will start going out in the next few weeks.
For updates and more information on economic impact payments, or your relief check, visit the IRS website.