Mar 20, 2020 - Economy & Business

Tax filing deadline moved to July 15 amid coronavirus outbreak

Photo: Getty Images

Treasury Secretary Steven Mnuchin announced Friday that the IRS' tax filing deadline was extended three months to July 15 amid the coronavirus outbreak.

The big picture: Mnuchin already announced earlier this week that the government would defer up to $300 billion in tax payments for three months. That move allowed individuals to defer up to $1 million and corporations to defer up to $10 million — interest-free and penalty-free.

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Mnuchin: "We're looking at sending Americans checks immediately" during coronavirus crisis

Treasury Secretary Steven Mnuchin said Tuesday that the Trump administration is discussing sending checks to Americans "immediately" to help cushion the economic impact of the coronavirus outbreak.

Driving the news: Mnuchin, who has been working closely with bipartisan leadership on Capitol Hill to pass new legislation to provide coronavirus relief, announced a series of economic stimulus efforts at the White House designed to help small businesses, corporations and individuals.

McConnell releases Phase 3 coronavirus stimulus proposal

Senate Majority Leader Mitch McConnell. Photo: Mandel Ngan/AFP via Getty Images

Senate Majority Leader Mitch McConnell's proposal for a "Phase 3" stimulus package in response to the coronavirus outbreak includes cash payments to many Americans and billions for small and large businesses.

Why it matters: The plan would be part of one of the largest and most expensive stimulus packages in American history.

Go deeperArrowUpdated Mar 19, 2020 - Politics & Policy

Americans without IRS direct deposit may not receive stimulus checks for months

Trump at the stimulus bill signing. Photo: Erin Schaff-Pool/Getty Images

Coronavirus stimulus payments will begin to be distributed in mid-April, but Americans without direct deposit accounts set up with the IRS may not receive checks until August, according to a House Ways and Means Committee memo first reported by CNN and confirmed by Axios.

Why it matters: The IRS estimates that only about 70 million of the roughly 150 million Americans eligible for the payments have direct deposit information on file, according to CNN.