Coronavirus Economy: Treasury Says 80 Million People Will Get Stimulus Payments Via Direct Deposit This Week
WASHINGTON (CNN/CBS) -- The Treasury Department said Monday that 80 million people will get their stimulus payments via direct deposit this week. The payments are being made first to eligible people who have already filed their 2019 or 2018 tax returns, and who have also authorized a direct deposit.
Other people -- including those who haven't filed returns, haven't authorized direct deposit, or don't receive Social Security -- will have to wait longer for their payments.
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Treasury said Monday that it expects a "large majority of eligible Americans" will receive their payments within the next two weeks.
The timeline keeps the first payments on the schedule promised by Treasury Secretary Steven Mnuchin, who said April 2 that the payments would begin going out within two weeks. He had earlier pushed for distributions, part of the $2.2 trillion economic relief package passed by Congress in March, to start as early as April 6.
For those low-income people who are not normally required to file their returns, the Treasury has set up a new online tool to make it easier for them to input basic information in order to receive their payment.
Treasury is also expected to roll out a separate tool this week that will allow people who have filed their returns, but not authorized a direct deposit, to upload their bank account information so that they can receive their payment faster than waiting for a paper check to be mailed.
Click here to find out more information about stimulus checks amid the coronavirus pandemic.
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