80 million Americans will get their stimulus checks directly deposited into their bank accounts this week, Treasury says
- The Treasury Department said over 80 million Americans will see their stimulus checks reflected in their bank account by the end of the week.
- Under the CARES Act, millions of people will get $1,200 checks from the federal government.
- "This administration is delivering fast and direct economic assistance to hardworking Americans, and we hope these payments will bring them much-needed relief," Mnuchin said in a statement.
- People with dependents under age 17 will get an additional $500 per child.
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The Treasury Department said over 80 million Americans will see their stimulus checks hit their bank accounts this week.
"This administration is delivering fast and direct economic assistance to hardworking Americans, and we hope these payments will bring them much-needed relief," Mnuchin said in a statement.
The Treasury also said "tens of millions" of Americans will receive their money via direct deposit by April 15.
Many Americans are expected to benefit from $1,200 checks under the stimulus law approved last month by President Trump. Those with direct deposit information with the Internal Revenue Service will get the money first.
Paper checks will be sent after April 24, Business Insider's Tanza Loudenback reported. The federal government is using 2019 tax returns - 2018 as the deadline for this year was extended to June 15 - to determine eligibility.
Single-filers earning below $75,000 will get the full check, but the amount scales down until the eligibility cutoff at $99,000.
The same goes for couples making below $150,000. If they earn above $198,000, the couple no longer qualifies for the money. Individuals or couples with dependents under age 17 will also get an additional $500 per child.
Social Security recipients are also slated to have the stimulus checks sent to them. People with no deposit information with the IRS will have their money sent to them around September.
Around 17 million people have lost their jobs in the past few weeks, as the coronavirus pandemic takes a drastic toll on the American economy. The checks are designed to soften the blow, though they're only a one-time payment.
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