Second batch of coronavirus stimulus payments may still take 20 weeks to release for some Americans [Video]

WHAT YOU NEED TO KNOW:

• The next part of coronavirus economic payments are expected to be released next week.
• Some Americans, however, need to wait up for 20 more weeks for the check; thus, distribution is expected to complete by September.
• The IRS has earlier launched an online tool for American taxpayers to speed up the bank info gathering process.

The next batch of coronavirus economic checks are expected to reach bank accounts by next week. However, veterans, pensioners, and retirees who were arranged to receive payments will have to hold on up to another 20 weeks.

As of date, no less than 80 million individuals have already been provided with the funds through direct deposits of $1,200 as a response of the government under $2.2 trillion economic package aimed to minimize the effect of the outbreak pandemic devastating the economy of U.S.

The first part of checks was already forwarded to people who had earlier gave their information in their 2018 or 2019 tax filings to the Internal Revenue Service (IRS).

The IRS started distributing checks via mail this week to those who had the complete address on record.

According to an updated schedule plotted by the House Ways and Means Committee, the succeeding wave of payments will be given out weekly to taxpayers who lately gave their details to the IRS but haven’t yet made payment.

The IRS says it will take up to five more months before the other 100 million Americans who have not yet filed their tax return, will receive their checks.  Most of these are comprised of veterans and retirees, according to a committee advisory.

The same IRS memo also stated that a distribution limit of up to 5 million a week would be applied, and those on the lowest income brackets are expected to receive first. At this rate, the process will be completed in 20 weeks; thus, some taxpayers will receive their payments as late as September.

To help speed up its data gathering process, the IRS has put up a website where people can provide their bank account details for faster stimulus transfer. The online portal is specifically helpful for people who weren’t able to file their 2018 or 2019 tax returns.

The committee memo also said that individuals who provided their bank details through the IRS site could anticipate coronavirus stimulus payment next week.

Last week though, the IRS online portal crashed due to the volume of taxpayers accessing the “Get My Payment” feature to verify if they are qualified for the payment.

There are also reported cases where taxpayers who already passed away still received payments while millions of Americans who need the aid are waiting.

Washington Post has interviewed a disabled veteran who expressed his dismay over the possibility that he and those who have a similar situation will receive their aid at a later time.

The IRS is yet to comment on the coronavirus stimulus payment distribution.

Source: New York Post