The Treasury Department is expected to take the first step tomorrow in getting economic stimulus payments to millions of Americans
The Treasury Department on Friday is expected to take the first step in getting economic stimulus payments to millions of Americans, who will get access to the money next week if they have direct deposit bank accounts, according to financial industry sources.
Paper checks for people without direct deposit would start going out early next month, though some could take up to five months to reach recipients and there are still unanswered questions about how banks will handle some of them.The initial step involves clearing the payments that will be directly deposited, with banks expecting a Treasury Department transmission Friday to confirm the money will reach the right accounts.
“That timeline is the update I am aware of and is accurate,” one industry source said Thursday. The other said the information was “based on conversations with Treasury.”The payments are part of theenacted last month. They are aimed at giving a quick jolt to an economy ravaged by the pandemic, and there has been some discussion of a second round of payments if Congress takes up another rescue measure.
The IRS is working to get paper checks, beginning the first week of May, to the estimated 100 million Americans who don’t have direct deposit, the industry sources said. Some 5 million checks will be mailed weekly over 20 weeks. A still unanswered question is how people without bank accounts, mostly with low incomes, will get access to their money. Not all banks have agreed to accommodate non-customers, citing fraud concerns and social distancing guidelines from government health officials, one of the sources said.
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