Show Me The Relief Money – No Promises On When Coronavirus Checks Are Coming
The $2.2 trillion coronavirus relief package marks the largest rescue package in American history. President Trump announced Wednesday that it includes $300 billion in direct payments to individuals to alleviate at least a little of the financial pain caused by the deliberate near-standstill of the U.S. economy.
But despite promises that the one-time funds will be distributed "within the next three weeks," it will likely be months before the stimulus checks hit bank accounts according to experts.
Under the plan, single people earning incomes below $75,000 will receive as much as $1,200 as "direct payments into most people's deposit accounts," Treasury Secretary Steven Mnuchin said at a news briefing on Wednesday.
Married couples would get $2,400, and parents would receive $500 for each child under age 17. About 90% of households — approximately 165 million — would benefit from the checks, according to the Tax Policy Center.
Payments would be phased out beyond those income limits, and people making more than $99,000 will not be eligible at all.
How soon can I expect my check?
"It really depends on what information the IRS has on you," Kyle Pomerleau, a resident fellow at the right-leaning American Enterprise Institute, told NPR.
That's because the infusion of cash will be distributed by the IRS, so those who have previously received tax refunds via direct deposit will be first in line for the rebate checks. Pomerleau, estimates the earliest those payments will go out is three to four weeks after the package is approved.
Alternatively, people who receive tax refunds through the mail will have to hold out much longer.
"I don't think physical checks will be in the mail for another three to four months," Pomerleau said, citing delays in the system in 2008 when the government last issued national stimulus payments under the George W. Bush administration.