What will it take to reopen U.S. economy?

What will it take to reopen U.S. economy?

What will it take to reopen U.S. economy?

President Trump's name will appear on the memo line of the printed stimulus checks that will soon go out to millions of Americans. About 80 million people are expected to receive the federal funds this week via direct deposit, but many who haven't provided their banking details to the IRS are in line to get a check in the mail.

Adding Mr. Trump's name won't delay the issuance of the checks, a Treasury spokeswoman told CBS MoneyWatch.

The checks are part of the stimulus package passed by lawmakers last month to aid taxpayers and businesses struggling amid the economic hit from the coronavirus pandemic. Single taxpayers who earn less than $75,000 will receive $1,200 each, while married couples earning less than $150,000 are on tap to receive $2,400. Mr. Trump's name will appear in the memo line on the left side of the printed checks.

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Similar stimulus payments made under George W. Bush and Barack Obama didn't bear the former presidents' names. It marks the first time a president's name will appear on a disbursement from the IRS, according to The Washington Post.

Taxpayers who haven't previously provided their direct-deposit information to the IRS can now do so through the "Get My Payment" service on the IRS.gov site. That will speed their payment, since some paper checks may not be mailed until mid-August or later.