IRS speeds up coronavirus check printing; targets next week for direct deposits

FOX Business has learned that the Internal Revenue Service has sped up its process and is now targeting “early next week” for the direct deposit checks.

The first checks could be directly deposited as early as Monday or Tuesday with the first paper checks mailed starting April 20.

For anyone needing to adjust their direct deposit information, the IRS will be providing that option by the end of the week.

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Originally Treasury Secretary Steven Mnuchin said the first direct deposits from the IRS would go out on April 17.

The Trump administration and lawmakers plan to give many American households direct cash relief amid the economic fallout from the coronavirus outbreak.

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The payments will be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.

In March, unemployment spiked to 4.4 as employers shed 701,000 workers. Economists predict those numbers will rise in the coming months.