The IRS will likely start issuing coronavirus relief payments to taxpayers in mid-April and begin issuing paper checks several weeks later, and it could take up to 20 weeks for all of the paper checks to be issued, according to a memo prepared by the Democratic-led House Ways and Means Committee.
The memo, which is being circulated to Democratic House offices and was obtained by The Hill, outlines what Ways and Means Committee staff expect the timeline for issuing the rebates to be, based on conversations with Treasury Department and IRS officials. The memo said that this timeline is subject to change, and that the Ways and Means Committee is working to ensure that Americans receive their rebates as soon as possible.
The coronavirus relief bill that President Trump signed into law last week created a program for one-time, direct payments of up to $1,200 per adult and $500 per child. The payments are designed to help people who are struggling as a result of the pandemic have more cash flow to cover their expenses.
According to the Ways and Means Committee document, the IRS is expected to issue 60 million rebates in mid-April, likely the week of April 13, to taxpayers who have already provided their direct deposit information to the IRS on their 2018 or 2019 tax return.
That time frame is in line with comments Treasury Secretary Steven Mnuchin made last week, and an IRS news release from Monday, that payments would start to be distributed in the next three weeks.
The IRS is estimating that it will start issuing paper checks about three weeks later, or the week of May 4, the memo said. The checks will be issued starting with the lowest-income people, and they will be issued at a rate of about 5 million checks per week. It could take up to 20 weeks for all of the checks to be issued, according to the memo. – READ MORE
Listen to the insightful Thomas Paine Podcast Below --