Here's when Americans can expect COVID-19 relief payments, according to Mnuchin
Treasury Secretary Steven Mnuchin said on Monday Americans who qualify for direct payments under the new pandemic relief legislation should expect money in their accounts 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, "Mnuchin said in a phone interview with CNBC.
MORE: Lawmakers Reach COVID-19 Aid Agreement
"The president wanted direct payments, so we will be making direct payments next week," Mnuchin said. "I expect we'll get the money out early next week."
His announcement comes just hours before lawmakers on Capitol Hill was due to vote on a $ 900 billion compromise package on COVID-19 after months of negotiations.
PHOTO: House Spokeswoman Nancy Pelosi returns to her office after opening the coronavirus disease (COVID-19) aid package on December 21, 2020 on Capitol Hill, Washington, DC, the night before. Ken Cedeno / Reuters)
Nancy Pelosi, spokeswoman for the Top Democrats House, and Chuck Schumer, chairman of the Senate minority, called the plan a "package that provides much-needed funds to save the lives and livelihoods of the American people if the virus accelerates." However, both made it clear that more needs to be done after President-elect Joe Biden took office in January.
Mnuchin called direct payments a "very, very quick way to get money into the economy."
"It's money that goes into circulation in the economy, so people go out and spend that money and that helps small businesses and that helps get more people back to work," he said.
PHOTO: Treasury Secretary Steven Mnuchin listens to a question during a House Financial Services Committee oversight hearing to discuss the Treasury and Federal Reserve's response to the coronavirus pandemic in Washington on December 2, 2020. (Pool via Getty Images)
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The deal also includes $ 300 for improved federal unemployment benefits, $ 25 billion for rental benefits, $ 15 billion for theaters and other live venues, and $ 82 billion for local schools, colleges and universities through mid-March and $ 10 billion for childcare.
The move would also raise more than $ 284 billion for businesses and revitalize the paycheck protection program that expired last summer.
Mnuchin spoke out in favor of the compromise that was made to get the bill across the finish line.
"I think this total bill is fabulous," he said, adding, "this is a big bill that has a little bit of everything for everyone."
The White House has signaled that President Trump will sign the law.
ABC News' Benjamin Gittleson contributed to this report.
This is where Americans can count on COVID-19 aid payments, according to Mnuchin, who was originally posted on abcnews.go.com
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