EUGENE, Ore. -- After requesting Social Security recipients fill out a 'simple tax return' in order to receive stimulus money, the Treasury reversed its decision late Wednesday, requiring no action on the part of recipients in order to receive a check.
KEZI 9 News reported the Treasury's initial decision before Secretary of the Treasury Steven Mnuchin released a statement Wednesday evening reading, “Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account.”
According to the IRS, information on already existing SSA-1099 and RRB-1099 Forms will be used to generate stimulus payments. These forms are mailed to social security recipients every January, showing the amount of benefits that were received in the previous year.
.@SocialSecurity recipients don’t need to file a tax return to receive Economic Impact Payments. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Learn more here: https://t.co/czJSWcjAlt
— Steven Mnuchin (@stevenmnuchin1) April 2, 2020
In the wake of Washington, D.C.'s historic $2 trillion stimulus bill, single taxpayers who make less than $75,000 will get $1,200. Married couples will receive $2,400, with $500 for each qualifying child.
According to officials, the stimulus money will begin going out in as early as three weeks. Those who included direct deposit information in their 2018 or 2019 tax returns will automatically have the money deposited in their accounts while others will receive checks.
Retiree Jessie Olivas told KEZI 9 News that the stimulus money will be an enormous help for many of those on Social Security, though some need it more than others.
"I am retired. I'm doing OK, and if we get this money, I'm glad that we are, I'm hoping that the people who really need it right now (get it first)," he said.
Meanwhile, many college students and other adult dependents will not be receiving any stimulus money whatsoever. If the student was claimed as a dependent on their family's tax return, they are ineligible.
Students under the age of 24 are considered dependents if their parents pay for at least half of their expenses.
University of Oregon students told KEZI 9 News that many are at financial risk as service jobs, internships and post-graduation careers seem less certain.
"Times are tough with everything that's going on," said Junior Ryan Harmon. "I am worried that I could lose my job. It could be really clutch if I got this. Just helping with paying rent and groceries."
Though stimulus money may not be available to students, federal student loan payments have been paused until Sept. 30, including principal and interest.