First round of coronavirus stimulus checks on the way

News

SAN FRANCISCO (KRON) – The first wave of Americans will receive stimulus payouts starting today, according to an internal plan circulated by IRS Treasury Secretary Steven Mnuchin, The Washington Post reports.

Those who will be receiving this first round of payouts are those who have already given their bank account information to the IRS as well as Social Security beneficiaries who filed a federal tax return with direct deposit information.

The next phase of checks will be paid no later than the week of April 20, the Post reports.

The third and final round of payouts will be paid through checks and will be mailed at a date that is yet to be determined.

According to the Post, the groups of checks that will be mailed over the next several weeks could take until May or August to reach recipients.

The IRS says the best way to make sure you receive your money quickly is to make sure the IRS has your bank account information on file, since a direct deposition option will reach you more quickly than a paper check.

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