Virus Payments May Take Months, Not Weeks, to Hit Bank Accounts
- Internal Revenue Service doesn’t have ‘all-knowing’ data
- Previous stimulus check distributions took about two months
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Treasury Secretary Steven Mnuchin says he wants direct payments to households to go out within three weeks of Congress passing a stimulus law, yet former IRS officials say those payments could take months to reach households.
Lawmakers on Capitol Hill are formulating legislation that will more than likely include some form of stimulus payments to American households. Congressional leaders are trying to figure out how to target those payments and quickly distribute them to taxpayers.