Disbursement of stimulus checks to begin next week: Mnuchin
"The president wanted direct payments, so we'll be making direct payments next week," said Treasury Secretary Steven Mnuchin.
The economic reviews agreed by political leaders are expected to hit the pockets of American citizens before the end of the year, according to a new report.
U.S. President Donald Trump's name appears on Economic Aid coronavirus scans sent to citizens across the country on April 29, 2020 in Washington, DC. (Photo by Chip Somodevilla / Getty Images)
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Treasury Secretary Steven Mnuchin announced during an interview on Monday that CNBC plans to spend the aid as early as next week.
“The good news is that this is a very, very quick way to get money into the economy. Let me emphasize, people will see this money early next week, ”he noted. "It's very fast. It's money that circulates in the economy. People go out and spend that money, and that helps small businesses and helps get more people back to work."
"I think that will propel us through the recovery," he added.
“It's a similar distribution to last time for the PPP. Some additional programs will also be put in place to be targeted. If companies are down 25% in PPP, they can get a second check. We also added an employer retention tax credit up to $ 10,000 per quarter per person, ”he said.
The full detailed stimulus package for individuals including children will receive direct payments of $ 600 with qualifications similar to the CARES laws passed earlier this year.
Read more: The time for a federal stimulus package for racial justice has come
theGrio reported on Sunday that Congress passed a nearly $ 1 trillion economic aid package to COVID-19, which includes temporary additional unemployment benefits of $ 300 per week and a direct stimulus payment of $ 600 - Dollars are to be introduced to most Americans.
This check is only the second financial relief sent direct to citizens since the coronavirus pandemic began, and is half of the initial $ 1,200 economic boost.
"There will be another big bailout for the American people," said Senate Majority Leader Mitch McConnell, R-Ky., Upon announcing the deal, according to the report.
The political leaders have been criticized by their peers and American citizens for the delay in aid and the small amounts involved. House spokeswoman Nancy Pelosi expressed her contempt for the $ 600; However, she is sure that the money will be enough.
"I want them to be bigger, but they are significant," she said.
MP Alexandria Ocasio-Cortez took to Twitter to express her feelings about the new COVID-19 relief law. She explicitly stated, "$ 600 is not enough."
According to the Washington Post, the deal will also extend a moratorium on evictions due to expire later this year and provide approximately $ 25 billion in emergency aid to tenants.
Congress also agreed to extend the deadline for the use of unspent money by states and cities approved by the Cares Act.
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The post-payment of the stimulus checks should begin next week: Mnuchin first appeared on TheGrio.
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