U.S. Social Security recipients to automatically get coronavirus money

U.S. Social Security recipients will not have to file a tax return to receive a payment from the federal government to help offset the economic impact of the coronavirus pandemic, the U.S. Treasury Department said on Wednesday.

"Social Security recipients who are not typically required to file a tax return need to take no action, and will receive their payment directly to their bank account," Treasury Secretary Steven Mnuchin said in a statement. The Treasury announcement reverses guidance the Internal Revenue Service issued on Monday that said seniors would have to file a "simple" tax return to receive the money.

The payments, up to $1,200 for individuals, are part of a roughly $2.3 trillion economic relief package signed into law by President Donald Trump last week.