COVID-19 : How and when will my stimulus check arrive in my bank account?
Treasury urges Americans to use direct deposit for individual payments, which should be ready in a couple weeks.
SALT LAKE CITY — Treasury Secretary Steven Mnuchin announced at a the daily White House coronavirus press conference on Thursday that individual stimulus payments to Americans would begin hitting bank accounts in two weeks. The secretary and the Internal Revenue Service had predicted earlier this week that it was going to take at least three weeks to get the digital checks cut.
“I told you this would be three weeks, I’m now committing to two weeks. We’re delivering on our commitments,” Mnuchin said at the press conference. “Within two weeks the first money will be in people’s accounts.”
Officials from Treasury and the IRS told the House of Representatives’ Ways and Means Committee that the first wave of “economic impact payments” would begin the week of April 13, Politico reported.
The individual payments are part of the a $2.2 trillion coronavirus response bill that President Donald Trump signed last week.
Here’s what you need to know to get your part of the national pie.
Am I eligible and how much will I get?
Individuals who paid taxes in 2018 or 2019, Social Security beneficiaries and retired railroad retirees who do not file annual taxes could be eligible for a stimulus check.
Individual taxpayers who made up to $75,000 annually qualify for a $1,200 impact payment, and married couples who made up to $150,000 will receive $2,400. Another $500 per child is available for parents. The stimulus is prorated for people who made more.
For those who have not filed taxes for 2018 or 2019 and still need to, it’s not too late, the IRS says.
How will I get my check?
The initial round of payments won’t come in the form of an actual check, but will be deposited directly into the bank accounts of 2019 taxpayers — or 2018 if last year’s taxes have not been filed — and Social Security recipients who have direct deposit details already on file with the IRS.
For Americans who opted for a paper check refund or paid taxes with a check of their own in the last two years and now want to enroll in direct deposit, the IRS is creating a “web-based portal” to register banking information. It will be active in the coming weeks.
Paper checks will take longer to get to Americans’ mailboxes, but it wasn’t clear how much longer. Mnuchin encouraged people to use the web-based portal to enroll once it becomes available. The secretary said the money isn’t helpful if it doesn’t arrive to people in an expedited manner.
“Quickly is a matter of weeks and not months,” Mnuchin said.
What about small-business owners?
Almost $350 billion have been earmarked for America’s small businesses aching from the economic symptoms of the coronavirus. Those funds come in the form of loans and grants and the application process is scheduled to begin Friday.
Unfortunately for business owners, that process faced setbacks Friday morning as federal agencies and lenders worked out the finer details of the different programs.
More information about the the small business relief programs can be found at the U.S. Small Business Administrations coronavirus relief website here: SBA Coronavirus Relief Options.