Mnuchin says $600 stimulus checks could arrive 'next week' in Americans' bank accounts
The second round of economic reviews - part of the deal reached on Sunday between Democratic and Republican leaders - could be distributed as early as next week, according to Treasury Secretary Steven Mnuchin.
“People will see this money early next week. It's very fast, ”Mnuchin told CNBC on Monday morning. "This is a very, very quick way to get money into the economy."
Under the $ 900 billion economic agreement, direct payments will go up to $ 600 for an individual and $ 600 for each child, according to a statement by Democratic leaders. This is half the amount of the first round of stimulus checks under the CARES Act, which was up to $ 1,200 - plus $ 500 for dependent children.
U.S. Treasury Secretary Steven Mnuchin testifies during a hearing before the Supervisory Board of Congress on December 10, 2020 on Capitol Hill in Washington, DC. - The Commission held a hearing on the scrutiny of loans to companies that are vital to maintaining national security. (Photo by ALEX WONG / POOL / AFP via Getty Images)
House Speaker Nancy Pelosi (D-CA), Senate Majority Leader Mitch McConnell (R-KY), Senate Minority Chairman Chuck Schumer (D-NY), and House Minority Leader Kevin McCarthy (R- CA), agreed on the new $ 900 billion package incentive after a series of meetings last week that broke a month-long deadlock in negotiations. Around $ 166 billion of the package would go straight into Americans' wallets.
The CARES bill was signed by President Trump on March 27, and most of the stimulus checks were distributed in mid-April. The IRS has more information on eligible recipients this time around, which could potentially speed up the distribution process.
The bill is expected to be passed in the two houses of Congress on Monday, although delays are possible. In order for the law to come into force, it must be sent to the President for signature. This can take several days after Congress passed it.
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The checks will likely be deposited directly into your bank account by the time you received your last tax refund or are awaiting this year's refund that way. If not, checks will be sent, which may take longer for Americans. In the first round of checks, it took up to four months for checks sent by post to reach the recipients.
If the income thresholds match those of the first round, single adults with incomes up to $ 75,000 will receive a payment of $ 600. Married couples with incomes up to $ 150,000 would receive $ 1,200. Single parents filing as head of the household with incomes up to $ 112,500 will receive the full check for $ 600.
Further details will be announced when the text of the deal is published.
The new deal builds on the $ 748 billion stimulus package introduced by both parties' lawmakers last Monday and includes provisions that are mutually supportive. Also included is another round of the small business paycheck protection program, money to distribute vaccines and fund schools, McConnell said.
Other provisions of the $ 900 billion deal include the renewal and extension of two federal unemployment programs and an additional $ 300 weekly payment, plus $ 25 billion in rental support, an extension of the eviction moratorium, $ 13 billion in food aid, and $ 7 billion to improve the situation Access to broadband, Pelosi and Schumer said in their statement.
Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova.
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