The IRS Will Reportedly Begin Issuing $1,200 Stimulus Payments on April 9 Still, some Americans could wait up to five months to receive their check.
By Lauren Frias •
This story originally appeared on Business Insider
The IRS plans to send out $1,200 coronavirus stimulus payments beginning April 9, The Washington Post reported Friday, citing an agency plan.
Some Americans who have not used direct deposit for past tax refunds could wait as long as five months to receive their check, however, according to an internal document obtained by The Post.
According to the payment schedule, electronic payments could go out next Thursday, with deposits being made by April 14 at the latest, The Post reported.
"If we know where to put the money, we're going to press the button and put it there next week," an anonymous IRS official told the publication.
The plan set priority starting April 24 for paper-check distribution to those with the lowest-income — individual taxpayers making $10,000.
Related: 8 Ways Business Owners Can Take Advantage of the Federal Stimulus Package
Paper checks would be mailed out to Americans by $10,000 increments each week starting on that date, according to the internal document. For example, checks for those making $20,000 or less would be mailed a week later, on May 1, followed by Americans earning $30,000 or less on May 8 and so on.
Checks to joint taxpayers making $198,000 — the maximum eligible income for the stimulus package — would be distributed September 4 under the plan.
About 145 million Americans can expect cash meant to support those who have been affected by the economic fallout of the coronavirus pandemic, with about 6.6 million people filing for unemployment last week alone.
Related: How to Obtain an SBA Coronavirus PPP Loan and Have It Forgiven
Treasury Secretary Steven Mnuchin said Thursday that most Americans should receive their money by April 17, but the IRS has yet to publicly announce how it plans to distribute the stimulus-package money to Americans.
Under the Coronavirus Aid, Relief, and Economic Security Act, adult taxpayers earning $75,000 or less are to receive $1,200, including an additional $500 a dependent. Americans making more than $99,000 will not receive aid, The Post reported.
