IRS: Some Americans May Have To Wait 20 Weeks Before Receiving Relief Checks


For the approximately 80 million Americans who do not have direct deposit on file with the IRS, it could be weeks.

Nearly two more weeks will pass before Americans see direct deposits from the federal government for coronavirus relief payments, the Trump administration recently told lawmakers, and it could be a total of 20 weeks until all the checks are mailed.

CNN reported the timeline after obtaining a memo from House Democrats and noted that “means tens of millions of Americans will have to wait to get badly needed assistance, despite repeated suggestions from Treasury Secretary Steven Mnuchin that the money would go out as soon as April 6.”

The outlet also noted that Mnuchin changed his story the Sunday after the $2.2 trillion stimulus bill was passed, saying instead that the relief would not go out until mid-April.

That time frame is in line with the memo, CNN reported, which said the first payments will likely go out on April 13, for those taxpayers who filed tax returns in 2018 or 2019 and provided their direct deposit information. This includes about 60 million taxpayers, according to the report.

But paper checks are unlikely to go out before May 4, according to the IRS — a process that could take as many as 20 weeks to finish. The memo stated that the checks will go out at a rate of about 5 million per week, which means millions of Americans will be waiting weeks for economic relief; however, people with the lowest incomes will receive their checks first, CNN reported.

The outlet also said that the “IRS envisions having an online system in place by late April or early May to allow taxpayers to update their direct deposit information and to track the status of their payments, according to the memo.”

Read the full report.


Economics, Finance and Investing