- Millions of Americans who qualify to receive coronavirus aid will be receiving a direct deposit payment into their bank accounts by April 15, Fox News first reported.
- The roughly $2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a one-time cash payment of up to $1,200 to qualifying people.
- Married couples who filed taxes jointly and have an adjusted gross income of less than $150,000 will receive a maximum of $2,400 in aid.
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Millions of Americans who qualify to receive coronavirus aid payments will be receiving a direct deposit payment into their bank accounts by April 15, Fox News first reported, citing a senior Treasury Department official.
The unnamed official said the Treasury Department will make payments to the Federal Reserve, which will then dispense the funds to financial organizations, and then to individual bank accounts.
“We are working to secure the fast, secure, and efficient delivery of payments to veterans, disabled, and other vulnerable populations,” the official said, according to Fox News.
“This in and of itself is a major achievement,” the official added.
The Treasury Department did not immediately respond to a request for comment.
The roughly $2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a one-time cash payment of $1,200 for people who earned less than $75,000, the aid is slowly phased out above that level and individuals who made more than $99,000 will receive no aid. Married couples who filed taxes jointly and have an adjusted gross income of less than $150,000 will receive the full $2,400 in aid and the cut off for married couples is $198,000.
Qualifying Americans who do not have their deposit information with the IRS will have paper checks mailed. The Treasury Department and IRS are expected to launch the free “Get My Payment” website next week, which will allow tax filers who did not submit their bank account information to provide it in order to receive a direct deposit payment.
President Donald Trump signed the largest emergency relief bill on March 27, citing the “urgently needed relief to our nation’s families, workers, and businesses.”
“We’re going to keep our small businesses strong and our big businesses strong,” Trump said. “And that’s keeping our country strong and our jobs strong.”
The economic package will also assist state and local governments, businesses, and hospitals through the use of forgivable loans and funding for new drug research.
The coronavirus pandemic shuttered businesses and spurred mass layoffs across the country, as represented by the startling number of people filing for unemployment benefits. Nearly 17 million Americans, about 11% of the US workforce, filed jobless claims in the last three weeks.
“This isn’t even a stimulus package,” Republican Senate Majority Leader Mitch McConnell said to reporters. “It is emergency relief.”
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