Bad news for people who are looking forward to spending their $1,200 stimulus checks: The IRS says some residents will likely have to wait as long as 20 weeks before they arrive.
The timetable, which was outlined in a memo to the House Ways and Means Committee, says the first round of payments — about 60 million of them — will be deposited into bank accounts of “the lowest-income Americans” on or about April 13th.
However, people who don’t have direct deposit information on file with the IRS might have to wait a while. Although paper checks will be mailed out starting the week of May 4th, the IRS can process only five million per week. That means it will take approximately five months to get all of them mailed, the memo indicates.