The Internal Revenue Service plans to send electronic payments as soon as late next week to millions of Americans as part of the $2 trillion coronavirus law, a week sooner than expected, according to a plan circulated internally on Thursday.
However, $30 million in paper checks for millions of other Americans won’t start being sent out until April 24, as the government lacks their banking information. And some of those checks won’t reach people until September, the document shows, underscoring the reality that many Americans could have to wait five months to receive their checks.
The speed with which the money is disbursed will depend largely on people’s method of filing taxes. Electronic payments can be distributed quickly, whereas the IRS must print paper checks and mail them separately. About eight in 10 taxpayers have signed up for direct deposit payments for their past tax refunds, a number that has grown in recent years. Continue reading.