White House Treasury Secretary Steven Mnuchin said on Thursday that he is committing to releasing the first stimulus checks that Congress approved last week within the next two weeks.
Mnuchin's new timeline speeds up the projected payments by roughly a week.
Mnuchin's two-week timeline is for those who the IRS has direct deposit information from.
Mnuchin though wouldn't put a timeline of when those who are slated to receive a paper check will get a check. Reports surfaced on Thursday that the last of the paper checks could take up to 20 weeks.
But Mnuchin said that the Treasury Department is working with companies to speed up payments, opening the possibility Americans without bank accounts could receive their money digitally or through prepaid debit cards.
On Wednesday, after previously stating that Americans on Social Security would need to file a 2018 or 2019 tax return, the IRS said Wednesday night it will not require a tax return from Social Security recipients in order to receive a stimulus check.
The checks will be $1,200 per person who makes less than $75,000 per year. Those making between $75,000 and $99,000 with receive a prorated amount. The checks are being distributed by the government to help stimulate the economy as businesses close amid the spread of COVID-19.
Checks for couples making less than $150,000 will be $2,400, which will be prorated for those making $150,000 to $198,000. Families will receive an additional $500 for each dependent child who was age 16 or under as of Dec. 31, 2019.
For those without a bank account on file, the IRS said that in the coming weeks, it 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.
Mnuchin said on Thursday he wants as many Americans as possible to submit banking information in order for government funds to be released as fast as possible as opposed to receiving a check.