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News of the Day April 3, 2020
First Stimulus Payments Expected to Go out Week of April 13
The IRS expects to start sending an initial wave of economic stimulus payments, worth up to $1,200 apiece, to some 60 million Americans the week of April 13, Treasury Department and IRS officials have told the House Ways and Means Committee.
Taxpayers in the first wave have direct deposit information on file with the IRS from their 2018 or 2019 tax returns. Paper checks would start going out in May to people who don’t have direct deposit information on file with the IRS, which includes nearly 100 million Americans. About 5 million checks will be sent weekly, and it could take up to 20 weeks to distribute all of them.