Chancellor of the Exchequer Stephen Mnuchin He said a new round of $ 600 incentive checks It could start rolling out to the Americans as soon as next week, much faster than the first batch of payments Congress It was approved earlier this year.
“People will see this money [at] “Early next week,” he said during an interview with CNBC Monday morning. “So much rest – and just in time for the holidays.”
Congress reached an agreement Sunday night on a $ 900 billion COVID-19 relief package, the first major federal aid package since lawmakers passed the CARES Act in March.
If it passes by the House and Senate on Monday as expected, the legislation will aid millions of Americans still reeling from the pandemic by providing a new round of stimulus checks, boosted unemployment benefits and funds for small businesses, as well as new funding for struggling industries, tax breaks, vaccine distribution. Education and health care.
Lawmakers have yet to release the text of the legislation, but the stimulus checks are expected to follow the same eligibility formula as in the first round – though they will be half the $ 1,200 payments sent earlier this year.
“The good news is that this is a very fast way to bring money into the economy. Let me stress: People will see this money at the beginning of next week,” Mnuchin said, adding, “People go out and spend this money, and this helps small businesses and this helps bring more of People to work. So it’s very fast, it’s the money that is circulating in the economy. “
American adults earning less than $ 75,000 will receive the full $ 600 check, while couples earning less than $ 150,000 will receive $ 1,200. Payments to those with higher incomes would be curtailed (5% of the amount their adjusted gross incomes exceeded the threshold) and entirely canceled for individuals earning more than $ 99,000 and spouses earning more than $ 198,000. Dependents under the age of 17 are also eligible for $ 600 payments.
This means that a family of four can get up to $ 2,400.
The vast majority of Americans will not be required to take any action in order to receive the funds. The tax authority The 2019 tax return if submitted or the 2018 tax return will be used as an alternative.
One of the outstanding questions was how long it would take for the Treasury Department to distribute the funds once the deal was completed.
It took the government about two weeks after the CARES Act passed to start sending checks via direct deposit; Almost two weeks after passing the $ 2.2 trillion package, the Treasury Department has spent more than the $ 2.2 trillion package 81 million batches It’s worth more than $ 147 billion, all through electronic transfers to recipient bank accounts, according to the Government Accountability Office.