Coronavirus Relief Checks Being Deposited Now, $60M To Arrive By Mid-Week

Millions of Americans are starting to see the $1,200 coronavirus stimulus relief check direct-deposited into their bank accounts. The Treasury Department said they started sending out the money and hope to have at least $60 million distributed by Wednesday (April 15).

If you have previously provided your bank account information to the IRS, officials said that the money should arrive in your account within two weeks.

Roughly 80 percent of taxpayers have given their bank account information to the IRS. For those who do not have their banking information on file with the IRS, officials said it could take months before they receive a physical check in the mail.

The IRS created a web portal where people can submit their banking information so the money can be deposited into their bank account.

"If we have your information, you'll get it within two weeks," Treasury Secretary Steven Mnuchin said last week. "Social Security, you'll get it very quickly after that. If we don't have your information, you'll have a simple web portal, we'll upload it. If we don't have that, we'll send you checks in the mail."

The relief money is part of the $2.2 trillion CARES Act signed into law by President Donald Trump at the end of March. Under the bill, Americans are eligible for up $1,200 plus an additional $500 for each of their children. The amount of money you will receive decreases based on the amount of money you earn, but luckily, there's an online tool you can use to calculate how much money you should be getting.

To keep up to date on the latest news about the coronavirus and to understand what you need to stay safe and healthy, check out the Coronavirus: Fact vs. Fiction podcast from CNN Chief Medical Correspondent Dr. Sanjay Gupta.

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