The main message from the IRS is that the vast majority of taxpayers will not have to take any action to receive the payments, if they qualify to receive them. The money will be direct deposited in the next three weeks with information the IRS has on file from either your 2019 or 2018 tax returns.
However, if the IRS does not have your direct deposit information on file, the agency said that it will be setting up a web based portal for individuals to submit their bank information so that they can receive the payments via direct deposit.
The IRS will continue to provide all new and relevant information related to the coronavirus situation on its website at irs.gov/coronavirus.
A copy of the IRS memo is included below.