First stimulus checks could hit bank accounts tonight

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Americans could start receiving the latest round of economic stimulus payments Congress recently approved in a matter of hours, according to the Treasury Department and the IRS, despite continued wrangling over the ultimate size of the payments.

The agencies said direct deposits for the latest round of rebates, which max out at $600 per person, could start landing in people’s bank accounts Tuesday night and will continue being sent out into next week. The government will start sending paper checks on Wednesday.

Treasury Secretary Steven Mnuchin had said last week that he expected the federal government to start delivering the payments this week. But that was before President Donald Trump threw both the Covid-19 relief measure and a spending agreement into flux by demanding stimulus checks of up to $2,000 per person, potentially scrambling the timeline for sending out the money.

Trump signed the legislation offering pandemic relief and government funding on Sunday. The House passed a bill to allow maximum payments of $2,000 per person on Monday, but it’s unclear whether the Senate will go along with that idea.

Treasury and the IRS said that they would work as quickly as possible to get people the balance of their payments if Congress does agree to more robust stimulus checks.

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