House Committee on Ways and Means: Timeline for Economic Impact Payouts

UTC by Steve Muchoki · 3 min read
House Committee on Ways and Means: Timeline for Economic Impact Payouts
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Through a memo sent out on April 16, 2020, the House Committee on Ways & Means sheds light on the expected timeline for economic impact payouts.

On April 16, 2020, the House Committee on Ways & Means chairman, Richard E. Neal, sent out a memo highlighting the expected timeline for economic impact payouts. This is after the first batch of checks were sent out to millions of Americans, while a huge chunk waits for the federal government to process either through direct deposit or through a paper check in the coming weeks.

Details of the Memo

According to the memo, Neal said that after an extensive conversation with the Internal Revenue Service and the Department of the Treasury, his department expects the IRS to issue the economic impact payments in the coming weeks.

However, he emphasized that the given timeline is subject to change in the future given the current discussions. The memo noted that all eligible Americans will receive the payouts, therefore there is no call for alarm if you did not receive the first payout.

The memo highlighted that there was an estimated total payout of 171 million according to the Treasury and the IRS. It continued to say that approximately 101 million of the total would be paid out by checks unless the IRS receives the direct deposit information for the payments before the paper mails are processed.

According to Neil, the values do not measure the fact on the ground as on a rough estimate, the house committee gave 145-150 million taxpayers who file returns below the CARES Act income threshold. Besides, there are 25-30 million social security beneficiaries and SSI recipients who do not file tax returns, 14-15 million non-filers who are below the filing threshold.

The memo also highlighted 6 million more veterans and 5K to 6K people who receive benefits from the railroad retirement board.

These figures break down the numbers of Americans according to their category, and no eligible Americans will be left unpaid.

Neil noted that over 80 million Americans have already received their checks as of April 13, according to a report by the Treasury. This was made possible since the IRS has the direct deposit information for those individuals sorted from their 2018 or 2019 tax returns.

The first batch also included the social security and supplemental security income beneficiaries who filed their 2018 or 2019 tax returns and gave out their direct bank information.

Next Economic Impact Payouts Timeline

Moving forward, the IRS plans to make additional rounds of payments by direct deposit and also by paper checks weekly. The memo noted that these additional rounds will be made by direct deposit to taxpayers who provide direct deposit information to the taxman but did not receive the payout in the first round.

The memo gave directions as to where individuals who have not received their payments can send their information. For those tax filers who did not provide direct deposit, info can use the Get My Payment Portal, while for those people who are not required to file tax returns can go to the Non-Filers Enter Payment Info portal.

For paper check, the IRS began processing the one of April 20, and the rest will be processed by the end of April. The payouts will be made weekly until all individuals receive their rebates.

News, Personal Finance
Steve Muchoki
Author: Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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