Millions of Americans should receive their $1,200 relief payments beginning Thursday, as the first wave of payouts for citizens impacted by coronavirus begins.
The first group of recipients, estimated to be around 50 million Americans, will receive their money as early as April 9 to April 14, according to an internal IRS plan obtained by the Washington Post.
The date varies based on individuals’ method of filing their taxes, as those who file electronically can have payments distributed quickly. Eight in 10 Americans have signed up for direct deposit payments for their last tax refunds, the outlet reported.
The IRS must print and mail paper checks to Americans who did not sign up to electronically file their taxes, and expect those individuals to start receiving their checks after April 24, when about $30 million in paper checks are scheduled to be mailed out.
Treasury Secretary Steven Mnuchin vowed late last week that Americans who had already given the IRS their bank account information would receive their relief funds “within two weeks.”
“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,” he said.
The money will all come from the $2.2 trillion coronavirus stimulus package, which aims to help individuals and small businesses with the struggles caused by the pandemic.
An estimated 145 million Americans are expected to qualify for economic relief.