Congressional aides were told last week when they were briefed by the IRS that roughly 150 million taxpayers will be eligible for the payments, but of those the IRS estimated they only had about 70 million people's direct deposit information on file. While it may take several weeks to process a claim, benefit payments will be retroactive - eligible workers will receive benefits from the date they lost their jobs, regardless of when they are filed.
"In this environment, we don't want to send checks, we want to put money directly into their accounts", he said.
He's also encouraging taxpayers to file their tax returns as soon as possible if they haven't already, even though the deadline to submit tax returns has been delayed to July 15 from April 15, so the IRS has up-to-date direct deposit information on file. "This is why we've got to stay in the fight".
The process of mailing checks is expected to continue until September 4, when joint filers with an AGI of $US198,000 - the cutoff for the minimum stimulus payment - will receive theirs.
The Internal Revenue Service will begin making about 60 million direct deposit payments in mid-April to the people who have bank account information on file with the agency, according to the analysis sent to lawmakers on Wednesday.
The IRS and Treasury have updated their guidance on how to ensure you get paid.
It also provides additional support to both those types of workers and others who worked for traditional employers and either were furloughed or laid off as those businesses reduced their activities or closed. That means the vast majority of US households will get a check, said Howard Gleckman of the Tax Policy Center.
Medics evacuate a COVID-19 patient at an airport near Paris, France, on April 1, 2020.
"In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail", the IRS says. This applies to some Social Security recipients who aren't required to file annual tax returns, which occurs when a person's entire income comes from Social Security. "The overwhelming majority of eligible Americans will receive Economic Impact Payments within the next three weeks".
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. The payments amount to $1,200 for individuals who earn less than $75,000 per year and $500 per child younger than 17.