WASHINGTON, D.C. — The Internal Revenue Service has sped up its process for delivering coronavirus stimulus checks to Americans and is now targeting “early next week” for a large portion of its direct deposits for taxpayers, according to a report from FOX Business.
The first checks were expected to be deposited as early as Thursday for some taxpayers, and the bulk of the deposits could be made as early as Monday or Tuesday, with the first paper checks mailed starting on April 20, according to reports.
Americans with the lowest gross adjusted income are expected to receive their paper checks first, especially those who made less than $10,000.
The IRS is also expected to provide each taxpayer the option to adjust their direct deposit information starting by the end of the week on its website, IRS.gov.
The original target date for the deposits was April 17 according to Treasury Secretary Steven Mnuchin, but time is of the essence as the vast majority of Americans are on lockdown and huge numbers of “non-essential” businesses across the country have been forced to close due to the coronavirus crisis.
The IRS payments will be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000, and each couple is eligible for $2,400 and $500 per child.
In March, unemployment rose to 4.4 percent, up from a 50-year low of 3.5 percent in February, as the U.S. lost 701,000 jobs. The decline halted a decade-long record of job growth as the unemployment rate rose for the first time since 2010.
Close to 10 million people have filed for unemployment benefits since the coronavirus brought the U.S. economy to a screeching halt, and Mnuchin has projected that unemployment could rise up to 30 percent in the coming months.
According to a press release from U.S. Rep. Debbie Dingell (D-Dearborn), the House Ways and Means Committee is expected to make approximately 60 million payments starting Monday, which will include Social Security beneficiaries who filed federal tax returns that included direct deposit information.
Shortly after that, perhaps within 10 days, the IRS plans to make a second round of payments, the press release said. These payments will be include those made to Social Security beneficiaries who did not file tax returns in 2018 or 2019 and receive their benefits via direct deposit.
“Families and workers in Michigan are feeling deeply the direct impacts of the COVID-19 crisis. They, along with front-line healthcare workers, must be our immediate priority in our response,” Dingell said. “It is critical that the federal government works in an urgent manner to get these payments to individuals. If anyone has issues getting their payment, I’m here to help. Contact my office and we will work with you to fix the issue.”