As U.S. citizens eagerly await their coronavirus relief stimulus checks from the government, it's been announced that direct deposits of the $1,200 sums should start to arrive on Wednesday. The process is streamlined, as the federal government has employed the IRS to handle dispersing of the money.
According to Politico, the Treasury Department is expected to begin the process of notifying banks of the checks on Friday. The process will take a few business days to complete, with the money finally being available mid-week, after Easter. "That timeline is the update I am aware of and is accurate," one industry source told the outlet. Much of the rest of the information shared is "based on conversations with Treasury." Politico noted that they reached out to spokespeople for Treasury and the IRS, but no one was immediately to comment.
The Treasury Department is expected to take the first step in getting economic stimulus payments to millions of Americans today https://t.co/bkBRy8SZDj— POLITICO (@politico) April 10, 2020
Notably, this may not be the only stimulus package that the government approves, as President Donald Trump has said that a second one could be an option. "We could very well do a second round," he said Monday, during the White House coronavirus task force briefing. "It is absolutely under serious consideration." When it comes to the payouts of the current package, Treasury Secretary Steve Mnuchin said on April 2, "I'm now committing to two weeks. We're delivering on our commitments. This money does people no good if it shows up in four months."0comments
Mnuchin added, "Social Security, you'll get it very quickly after [the first round of payouts]. If we don't have your information, you'll have a simple web portal, we'll upload it. If we don't have that, we'll send you checks in the mail." There were reports on Thursday that about 50 million to 60 million Americans were expected to see the first payments before the weekend. That appears to be unconfirmed, however.
Americans have received conflicting information on when they will receive stimulus checks due to the economic fallout from the coronavirus pandemic. But there’s good news. https://t.co/2qvImjA8yW— USA TODAY (@USATODAY) April 10, 2020
As dictated in the bill, each tax-paying American over 18 will receive a $1,200 check. Married couples will receive $2,400, and parents will get $500 for every child under 18. At this time, there do not appear to be reports of any U.S. citizens having received their stimulus money.