- Stimulus payments will start to be sent out in the next three weeks, the Treasury Department and the Internal Revenue Service announced.
- The payments will be available for the entirety of 2020.
- The IRS will also be creating an online portal for qualified Americans to input their bank information so they receive their funds faster than waiting on a check in the mail.
- Visit Business Insider’s homepage for more stories.
Americans who qualify for economic impact payments from the coronavirus stimulus bill will receive their fund in the next three weeks, the Treasury Department and the Internal Revenue Service announced on Monday.
In a statement, the IRS said most people would not have to do anything to receive their payments. People who don’t typically file tax returns will need to “submit a simple tax return to receive the stimulus payment.”
Last week, President Donald Trump signed a $2 trillion economic relief package that included an up to $1,200 direct payment for eligible Americans. Tax filers making up to $75,000 individually, or married couples who filed jointly and made less than $150,000 are eligible for the full amount.
However, Business Insider previously reported that while not everyone qualifies, the Urban Institute and Brookings Institution’s Tax Policy Center estimated that 90% of households would get some payment.
According to the IRS statement, more information on how to file for those who didn’t file taxes will be available soon. The Treasury also plans to create a web-based portal for people to provide the IRS with their banking information for direct deposit instead of waiting on a check.
Additionally, the payments will still be available for the rest of the year even if someone has yet to file their tax returns, the statement said.
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
