The IRS Will Reportedly Begin Issuing $1,200 Stimulus Payments on April 9Still, some Americans could wait up to five months to receive their check.
ByLauren Frias•
This story originally appeared onBusiness Insider
The IRS plans to send out$1,200 coronavirus stimulus paymentsbeginning April 9,The Washington Postreported Friday, citing an agency plan.
Some Americans who have not used direct deposit for past tax refunds could wait as long as five months toreceive their check, however, according to an internal document obtained byThe Post.
According to the payment schedule, electronic payments could go out next Thursday, with deposits being made by April 14 at the latest,The Postreported.
"If we know where to put the money, we're going to press the button and put it there next week," an anonymous IRS official told the publication.
The plan set priority starting April 24 for paper-check distribution to those with the lowest-income — individual taxpayers making $10,000.
Related:8 Ways Business Owners Can Take Advantage of the Federal Stimulus Package
Paper checks would be mailed out to Americans by $10,000 increments each week starting on that date, according to the internal document. For example, checks for those making $20,000 or less would be mailed a week later, on May 1, followed by Americans earning $30,000 or less on May 8 and so on.
Checks to joint taxpayers making $198,000 — the maximum eligible income for the stimulus package — would be distributed September 4 under the plan.
About 145 million Americans can expect cash meant to support those who have been affected by the economic fallout of the coronavirus pandemic, with about6.6 million people filing for unemploymentlast week alone.
Related:How to Obtain an SBA Coronavirus PPP Loan and Have It Forgiven
Treasury Secretary Steven Mnuchin said Thursday that most Americans should receive their money by April 17, but the IRS has yet to publicly announce how it plans to distribute the stimulus-package money to Americans.
Under the Coronavirus Aid, Relief, and Economic Security Act, adult taxpayers earning $75,000 or less are to receive $1,200, including an additional $500 a dependent. Americans making more than $99,000will not receive aid,The Postreported.