Most COVID-19 stimulus deposits to be received by Wednesday, Mnuchin says

WASHINGTON - Treasury Secretary Steven Mnuchin said he expects that more than 80 million Americans should have tax rebates directly deposited into the bank accounts by Wednesday.

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Many Americans qualify for tax credits approved as part of legislation designed to boost the economy as the country responds to the new coronavirus.

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Under the program, single filers received $1,200 and joint filers $2,400, though it phases out for higher incomes.

Individuals who make up to $75,000 per year as well as couples who make up to $150,000 per year should expect to receive the full amount of the stimulus check. 

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The payment is reduced by five percent of every dollar above the income mark of $75,000 per year and individuals who make over $99,000 as well as couples with a combined income of more than $198,000 will not qualify. 

Joint filers who $198,000 or more per year are also exempt from receiving payment. 

The stimulus provides one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year and $2,400 to a married couple making up to $150,000, with $500 payments per child.

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For those who don’t get their money by Wednesday, Mnuchin said the IRS will have a website available that would allow people to plug in information and allow for their direct deposit to take place quickly.

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Mnuchin said Social Security beneficiaries don’t have to do anything. The money will be directly deposited in their bank account.

The Associated Press contributed to this report.