While Treasury Secretary Steven Mnuchin said Thursday that direct deposit stimulus payments would begin in two weeks, a House Ways and Means Committee memo states that paper checks won’t start being mailed until mid-May.
The IRS has direct deposit information from taxpayers’ 2018 or 2019 returns.
The paper checks will be issued at a rate of about 5 million per week, according to The Associated Press, which means it could take up to 20 weeks to get all the checks out. That timeline would delay some checks until the week of Aug. 17, the AP reported.
In the meantime, Treasury plans to speed the process by developing in the coming weeks a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail, the House Ways and Means Committee explained.
Fourth Round of Stimulus
Meanwhile, lawmakers are mulling a fourth coronavirus stimulus package.