(CNN)Treasury Secretary Steven Mnuchin said Sunday that Americans could expect checks from the historic $2 trillion stimulus bill to be direct deposited in their accounts within three weeks but experts have determined it could take longer to receive the money.
Congress and President Donald Trump enacted the stimulus bill last week to address the dramatic economic crisis caused by the coronavirus pandemic. Included are direct payments to many Americans, an unprecedented expansion in unemployment benefits and $350 billion in small business loans.
Mnuchin told CBS’ “Face the Nation” that there will be a web-based application for those who don’t receive direct deposit to give the IRS the necessary information.
It is not clear how long it would take the agency to send out all the money, but it would likely take weeks before the first payments start going out. Mnuchin said last week that the IRS would begin issuing payments within three weeks of the legislation being signed into law. The bill simply calls for payments to be made “as rapidly as possible.”