Western Illinois Congresswoman Cheri Bustos announcing a timeline for the direct payments under the federal economic stimulus package. The Coronavirus Aid, Relief, and Economic Security or CARES Act provides direct cash payments to lower-and middle-income Americans of $1,200 for each adult and $500 for each child for individuals with gross income up to $75,000 or households with gross income up to $150,000. Bustos says those on social security will also get direct payments.
According to the House Ways and Means Committee, the IRS is expected to make about 60 million payments to Americans via direct deposit the week of April 13th. 2018 and 2019 tax returns will be used as direct deposit information. Beginning the week of May 4th, the IRS will start issuing paper checks to individuals at a rate of about 5 million per week, which could take up to roughly 20 weeks. The IRS encourages taxpayers to file their 2019 tax returns to the extent possible. The IRS is also working to establish a portal that will allow taxpayers, once they have been authenticated, to find out the status of their rebate payment and update direct deposit information.