Good news, bad news on taxes for coronavirus relief money
May 19, 2020 at 6:36 AM EDT – Updated May 20 at 8:38 AM
(CNN) – The U.S. Treasury Department announced Monday it’s going to start mailing about 4 million stimulus payments on debit cards.
Until now, payments had been either directly deposited in an individual’s bank account or sent as a paper check.
The cards are being distributed to people without bank information on file with the IRS, and whose tax return was processed by either the Andover or Austin IRS Service Center.
It could mean that those people receive their money faster than if they had to wait for a check.
The Visa debit card can be activated immediately. It can be used to make purchases, get cash at an ATM or to transfer funds into a bank account without being charged a fee.
Treasury said it has already delivered more than 140 million payments worth $239 billion as part of a coronavirus economic aid package passed in March.
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