DALLAS (CBSDFW.COM) — By this time next week, an estimated 50 to 70 million Americans will likely have had a stimulus check from the federal government deposited into their bank account.
For many, the $1,200, along with the added $500 per child, is much needed financial relief.
However, most Americans do not have direct deposit set up with the IRS. They will be receiving a paper check and will likely have to wait weeks and potentially even months before they get their stimulus money.
The IRS is expected to begin sending out paper checks the week of May 4.
Logistically, only 5 million checks can be mailed a week.
Some estimate as many as a 100 million checks will be need to be mailed meaning it could be August, even possibly September, before some receive their stimulus payment.
To speed up the process, the IRS is setting up an online portal where people can enter their banking information. The portal is expected to be up and running at irs.gov by the end of the month.
Bob Probasco, the director of the Texas A&M University School of Law’s low income clinic, said the it’s important to get this money out quickly to provide relief for struggling families, stimulate the economy, as well as to ease fears.
“People are afraid at what’s going to happen,” he said. “Just getting a check and seeing that the government is doing something, even if it is a small amount, will be reassuring for many.”