Although the giant government cogs often turn extremely slowly, for people impacted by the coronavirus shut-down, waiting on the CARES Act check can seem like forever. Fortunately, Treasury Secretary Steve Mnuchin outlined the timeline most people can expect relief.
“Within two weeks the first payments will be direct deposit into tax payers’ accounts,” Mnuchin said during the White House coronavirus task force press briefing. “We want to get this money quickly into your hands,” he said.
The Treasury Department expects to process about 60 million direct deposits the week of April 13, according to the Associated Press. But people who do not get a direct deposit could have to wait weeks or months to get a paper check, the AP reports.
If you included your bank account information on your 2018 or 2019 tax return, the IRS already has what it needs to send you the direct deposit.
Mnuchin said the Treasury Department is working to get a web portal up so people who have not given the IRS direct deposit information on a recent tax return will be able to send in their account information.
The IRS will start sending out paper checks the week of May 4, the AP reports. According to a memo obtained by the AP, the IRS will send out about 5 million paper checks a week, “which means it could take up to 20 weeks to get all the checks out. That timeline would delay some checks until the week of Aug. 17.”
The stimulus package passed last week includes $1,200 checks for taxpayers making less than $75,000, plus $500 for each dependent under the age of 17. Married couples will receive $2,400 if they make less than $150,000. The payment amount drops for people making more than that.
Mnuchin also clarified a recent change that people who receive Social Security will not have to file a tax return to get a stimulus check. Most people who receive Social Security do not have to file a tax return.
“Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” Mnuchin said earlier this week.
Social Security recipients will get the payment by mail or direct deposit, depending on how they typically get their checks from the government.