The majority of eligible Americans will receive their coronavirus aid payments no later than April 15, Fox News has learned.
A senior Treasury official told Fox News on Friday that by the middle of next week, tens of millions of eligible Americans will have money from the federal government directly deposited into their bank accounts.
The official told Fox News that the Treasury will transmit the batch of payments to the Federal Reserve for distribution to financial institutions across the nation. Those financial institutions will then distribute the payments into Americans’ bank accounts.
The official explained that this first batch of payments will be received by Americans who filed their taxes in 2018 and/or in 2019 and received a refund via direct deposit.
Filers who did not receive a refund electronically in the last tax year will soon be able to expedite their payment by submitting their bank information to the IRS via the “Get My Payment” app, which the federal government is launching next week.
Those who do not file taxes are now able to go to the IRS website and use the “Non-Filers: Enter Payment Info Here” section to enter their bank information in order to receive their payment faster than they would via regular mail.
The official said the Treasury Department is also working around the clock to automatically process payments for Social Security and railroad retirement recipients who did not file a tax return in 2018 or 2019. Those payments, according to the official, are anticipated in the coming weeks and will primarily be issued electronically.
Meanwhile, millions more economic impact payments will be issued via direct deposit in the coming weeks, as the Treasury issues payments to Social Security recipients, and as other taxpayers provide their banking information on the tools provided through the IRS website and the new app.
“We are working to secure the fast, secure and efficient delivery of payments to veterans, disabled, and other vulnerable populations,” the official added.
During the 2008 financial crisis, officials told Fox News that it took the Obama administration “several months” before the first stimulus payments were issued to Americans. The official touted the efficiency of the Trump administration, which is expected to complete this round of payments in weeks.
“This in and of itself is a major achievement,” an official told Fox News.
As part of the CARES Act, people who file their taxes as individuals are eligible for payments up to $1,200, and couples who file jointly are eligible for up to $2,400 plus an additional $500 per child under the age of 17.
The amount decreases for individuals who earn an adjusted gross income of more than $75,000 and couples who earn more than $150,000 a year, by $5 for every $100 in income above those marks. This means the payment is less the higher their earnings are, with it being reduced to zero for individuals who make $99,000 or more and couples who make $198,000 or more.
People who file as heads of household are eligible for payments of up to $1,200 plus $500 per child under 17. That amount is reduced for people who earn an adjusted gross income of more than $112,000 a year. The extent to which it is decreased depends on how many children they have.
Payment amounts may also be offset by any past due child support payments that have been reported to the Treasury Department.
The payments do not count as taxable income. Similarly, they do not count for determining eligibility for federal programs like Supplemental Security Income.
Fox News’ Ronn Blitzer contributed to this report.
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