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What does the economic stimulus in the US include? because of the pandemic? 2:35
(CNN) - Americans probably won't begin seeing direct payments from the coronavirus financial stimulus bill until at least April 13 and it could take 20 weeks for all checks to be sent, administration officials said Trump to lawmakers, according to a Democratic House memo, obtained by CNN.
The timeline means that tens of millions of Americans will have to wait to receive much-needed assistance, despite repeated suggestions earlier by Treasury Secretary Steven Mnuchin that the money will come out as soon as April 6.
Mnuchin said Thursday at the White House briefing on the coronavirus that the payments would be sent within two weeks to people whose direct deposit details are on file with the government, echoing the same statements he made on Sunday. last, after the passage of the $ 2.2 trillion stimulus bill. At the time, he said the payments would not come out until mid-April.
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The Treasury secretary added that a web portal would be established for people to provide their details and that checks would be sent to anyone else, but did not specify a time limit.
"I am assuring Americans that they need the money now," he said.
CNN reported in March that former Internal Revenue Service (IRS) officials said the wait would likely be weeks or months to receive payments.
Initially, the IRS will make payments of about $ 60 million, likely the week of April 13, for taxpayers who provided their direct deposit information through their 2018 or 2019 tax returns, the memorandum from the Means and Excise Commission of the House of Representatives.
Three weeks later, in the week of May 4, the IRS hopes to start issuing checks to people whose bank information is not yet on file, a process that will take much longer.
According to the Commission, checks will be issued at a rate of approximately $ 5 million per week, and it could take up to 20 weeks to issue all checks. People with the lowest income, based on adjusted gross income, will receive their checks first.
The Means and Excise Commission memorandum details his understanding of time based on "extensive" conversations with Treasury and IRS officials. The document says that deadlines are subject to change.
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The law stipulates that individuals who earn $ 75,000 or less will receive $ 1,200, and couples who earn $ 150,000 or less will receive double that amount, with an additional $ 500 per child. Payments decrease for people and couples who earn more money, and people who earn more than $ 99,000 receive nothing.
Advisers to Congress were notified last week, when the IRS informed them that approximately 150 million taxpayers will be eligible for the payments, but of which the IRS estimated that it only had direct deposit information of approximately 70 million people in the file. That means that for about 80 million Americans, the IRS will have to turn to mail checks.
"The Fiscal Service Office estimates they can cut 20 million checks a month," a source familiar with the case told CNN.
Checks may take longer to arrive for people for whom the IRS does not have tax information.
The IRS plans to have an online system, in late April or early May, to allow taxpayers to update their direct deposit information and track the status of their payments, according to the note.
- CNN's Vivian Salama contributed to this report.
