ORLANDO, Fla. – The much-awaited stimulus payouts from the U.S. government -- prompted by the coronavirus pandemic -- will begin flooding into millions of bank accounts starting today (April 9), according to an internal plan circulated by IRS Treasury Secretary Steven Mnuchin.
Millions of Americans should receive as much as $1,200, as the first wave of payouts begins.
The date of the payout varies based on individuals’ method of filing their taxes, the Washington Post reported. Those who file electronically can have payments distributed more quickly.
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The IRS must print and mail paper checks to Americans who did not file taxes electronically. They should start receiving their checks after April 24, when about $30 million in paper checks are scheduled to be mailed out.
The money will all come from the $2.2 trillion coronavirus stimulus package, which aims to help individuals and small businesses with the struggles caused by the pandemic.
A previous timeline suggested the checks would be sent starting the week of April 13.
Meanwhile, President Donald Trump’s urgent request for $250 billion to supplement a business “paycheck protection” program for firms crippled by the coronavirus outbreak has hit a roadblock in the Senate.
Democrats stalled the legislation Thursday, demanding protections for minority-owned businesses as well as matching money for health care providers and state and local governments.
Majority Leader Mitch McConnell wanted to fast-track Trump’s request, but Democrats refused to provide unanimous consent. That doesn’t mean the legislation is dead. Democrats and Republicans agree it’s urgently needed.
The program, which involves direct subsidies to companies to keep employees on payroll, is being quickly depleted as businesses rush to apply for the aid.
Check back at ClickOrlando.com/MakeEndsMeet for the latest coronavirus financial news.
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