I’ve mentioned before about the concern that lots of people would have to wait months to receive their $1,200 because they do not have their bank account information on record with the IRS. Around 23.4 million owed the IRS for 2019, slightly less for 2018, which were the terms the “stimulus” bill required. Then there are all those who processed in another way to get their refund. But, there’s a solution coming, per Mnuchin (doesn’t help if you do not have a bank account at all)
Mnuchin lays out when Americans can expect their coronavirus rescue package checks
Treasury Secretary Steven Mnuchin said in a Sunday morning interview that qualifying Americans can expect to see their $1,200 checks deposited into their accounts “within three weeks.”
Mnuchin, who played a lead role in the $2 trillion bill’s passage, told CBS’ “Face the Nation,” that there will be an online system created so Americans who are not signed up, can do so and skip waiting for a physical check.
“We expect that within three weeks that people who have direct deposit information with us will see those direct deposits in their bank accounts,” he said. “And we will create a web-based system for people where we don’t have their direct deposit they can upload it, so that they can get the money immediately as opposed to checks in the mail.”
Individuals are eligible for payments up to $1,200, but that decreases for those who earn an adjusted gross income of more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000.
Hopefully it works better than the website for Obamacare when it launched.
It is rather disturbing that the IRS keeps the bank account information on file though, isn’t it? But, Mnuchin had some sobering news, as well
Mnuchin told “Fox News Sunday” that he believes that by the third quarter of 2020, Americans will see an economic recovery with production and employment levels back up.
Hopefully, he’s being conservative in his estimate, because lots and lots cannot wait till at a minimum June. $1,200 won’t last. Small and medium businesses will be gone for good. People will be evicted, homes foreclosed. Cars repossessed. No money for food. We need things to get going before then. On the bright side, there will surely be crazy sales, better than on Black Friday. The NY Times editorial board wants this to happen
It increasingly appears necessary that for the next eight weeks, and possibly for longer, all nonessential businesses should be closed, domestic travel restricted and the “shelter-in-place†measures being employed by some parts of the country extended to the rest. Such a shutdown will be enormously expensive in the short term, likely requiring fresh rounds of federal aid on top of the $2.2 trillion Congress approved on Friday. But scientists say that based on what they’ve learned from Europe and Asia, that’s the only way to get the virus, which is spreading like wildfire across the country, under control.
It’s easy for people that are getting paid in full and don’t have to worry about anything to make these pronouncements, eh? The only way this happens is if Congress does another aid bill that gives most people $2500 or more a month.
