U.S. Senator James Lankford Says Government Should Issue Stimulus Money Soon

Oklahoma United States Senator James Lankford says stimulus money should hit bank accounts very soon.

Lankford said everyone with a social security number that has an income of $75,000 or less will receive $1,200 from the government, unless they’re a dependent on someone else's taxes. He says those with a dependent child, 17-years-old and younger, will receive $500 per child.

During an interview on 6 In The Morning, Senator Lankford said the government should start issuing the money within the next couple of days to the end of next week.

“If the IRS has a relationship with you already, as you did a refund in 2018 or 2019 or you're a social security recipient or a social security disability recipient and you have direct deposit, they'll start being direct deposited within a few days,” said Lankford.

Lankford said the IRS will issue the money through direct deposit for as many people for which the IRS has information. When the IRS runs out of direct deposit information, it start sending out checks. Lankford said it will take a little longer for those folks to get the money. 

He said anyone who hasn’t received stimulus money in about a week and a half can go to IRS.gov to register their information.              

Lankford said lawmakers have allocated $350 billion for loans to cover 8 weeks of payroll for small businesses, non-profits and faith-based groups with 500 employees or less. He said the loans are 100 percent forgivable if used for payroll.

Lankford says the senate is voting Thursday on an extension for those groups.

"We're trying to reach a unanimous agreement among us to extend that even more, so small business owners, faith based groups and not for profits do not have to worry about this running out," said Lankford,

He also told News On 6 that the senate is voting Thursday on an extension for loans to small businesses, non-profits and faith-based groups with 500 employees or less.               

Lankford says agencies don't need to apply for a loan through the Small Business Administration. Instead, they should connect with a bank or credit union they do business with and talk with them about setting up a paycheck protection program.

Lankford said he gets a lot of questions about the stimulus money, testing, treatment, when the economy will get moving, but he says Oklahomans are also telling stories of how they’re taking care of their neighbors.  

“People are walking their neighborhoods, they’re standing away from people, but meeting and interacting with people they haven’t talked to ever and getting a chance to check on each other and finding practical ways to be able to serve people that are shut in their homes right now,’ said Lankford. “In Oklahoma we know how to take care of each other after a storm, this is just a very different type of storm.”