When will individuals see money and benefits from the stimulus bill?

The coronavirus stimulus bill includes direct payments to average Americans, but when will they see their checks? 

Individuals will collect as much as $1,200, $2,400 for couples, in addition to $500 per child, according to CNN. Payments begin phasing out for individuals with adjusted gross incomes of more than $75,000, going down by $5 for every additional $100 of adjusted gross income. Individuals making more than $99,000 will not receive a payment. Income thresholds are doubled for couples.

It will likely be weeks before Amerians see the money in their accounts or mailboxes. Treasury Secretary Steven Mnuchin said Wednesday that the IRS will mail payments within three weeks of the legislation being signed into law. However, it took three months in 2008 for stimulus checks to be mailed out in response to the recession.

If the IRS has a bank account on file associated with an individual’s tax ID, the money will be deposited directly. If the IRS does not have that data, it will mail a check to the associated address.