IRS to issue coronavirus stimulus payments on prepaid debit card
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FOX Business’ Hillary Vaughn says House Democrats are preparing to roll out an additional phase of funding in a CARES Act 2.0 bill that could exceed $2 trillion. Rep. Jim Banks, R-Ind., later argues he doesn’t want to spend more money without cutting funds in other places.
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The IRS and the U.S. Treasury Department will begin sending economic stimulus payments on preloaded debit cards this week, the Trump administration said on Monday.
The IRS’ financial agent, MetaBank, will send nearly 4 million payments on prepaid cards – allowing recipients to withdraw funds from in-network ATMs, make purchases and transfer funds to their personal bank accounts without incurring any fees. The mailed package will include activation instructions.
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“Treasury and the IRS have been working with unprecedented speed to issue Economic Impact Payments to American families. Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly,”Treasury Secretary Steven Mnuchin said in a statement. “Recipients can immediately activate and use the cards safely.”
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The cards, which are being distributed to some individuals without bank account information on file with the IRS, can be used online or at any retail location where Visa products are accepted.
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The IRS said it has already issued more than 140 million economic impact payments worth more than $239 billion.
Meanwhile, House Democrats introduced another stimulus bill last week, which includes provisions for additional $1,200 stimulus payments. The legislation passed the Democratic-controlled chamber on Friday, but has little support from lawmakers on the other side of the aisle.
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