Most COVID-19 stimulus deposits to be received by Wednesday, Mnuchin says
WASHINGTON - Treasury Secretary Steven Mnuchin said he expects that more than 80 million Americans should have tax rebates directly deposited into the bank accounts by Wednesday.
RELATED: Coronavirus stimulus FAQ: Who gets stimulus money? Will paper checks be issued? When will it come?
Many Americans qualify for tax credits approved as part of legislation designed to boost the economy as the country responds to the new coronavirus.
RELATED: A guide to surviving financially as the bills come due
Under the program, single filers received $1,200 and joint filers $2,400, though it phases out for higher incomes.
Individuals who make up to $75,000 per year as well as couples who make up to $150,000 per year should expect to receive the full amount of the stimulus check.
RELATED: People behind in child support payments may not qualify for coronavirus stimulus check
The payment is reduced by five percent of every dollar above the income mark of $75,000 per year and individuals who make over $99,000 as well as couples with a combined income of more than $198,000 will not qualify.
Joint filers who $198,000 or more per year are also exempt from receiving payment.
The stimulus provides one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year and $2,400 to a married couple making up to $150,000, with $500 payments per child.
RELATED: Millions of taxpaying immigrants won't get stimulus checks
For those who don’t get their money by Wednesday, Mnuchin said the IRS will have a website available that would allow people to plug in information and allow for their direct deposit to take place quickly.
RELATED: Social Security recipients who don’t file taxes will get automatic stimulus payments, Treasury says
Mnuchin said Social Security beneficiaries don’t have to do anything. The money will be directly deposited in their bank account.
The Associated Press contributed to this report. This story was reported from Los Angeles.