As part of the newly enacted COVID relief package, the Trump administration started delivering stimulus grants of up to $600 to millions of Americans on Tuesday evening.
Treasury Secretary Steven Mnuchin said that for those without government-registered bank accounts, the government will launch the process of sending out paper checks on Wednesday.
The deposits begin while those in the Senate are seeking to pass bills that will raise direct payments to $2,000 in the year-end coronavirus relief package.
As part of the newly passed COVID relief package, the second such direct payout to Americans in the wake of historic unemployment and continuing industry closures, the Trump administration started sending incentive grants of up to $600 to millions of Americans on Tuesday evening.
Treasury Secretary Steven Mnuchin wrote in a couple of tweets Tuesday night that payments “may begin to arrive in some accounts by direct deposit as early as tonight.” He also wrote that on Wednesday, the government will begin the process of mailing paper checks to people without government-registered bank accounts.
“These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time,” Mnuchin wrote in a separate emailed statement.
In the following breakdown, the second round of payments will be automatically distributed: up to $600 for qualifying persons, $1,200 for couples filing jointly and up to $600 for each child. Similar to the first round of payments in March, after some income thresholds, sums tend to taper off.
In addition, if you have adjusted gross revenue for 2019 for individuals up to $75,000 and for married couples filing joint returns and surviving spouses up to $150,000, you will receive the full sum of the second bonus,”Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment,” “For filers with income above those amounts, the payment amount is reduced,” the statement continued.
Mnuchin told CNBC last week that in a couple of days, Americans who apply for direct transfers will see those funds reach their bank accounts. The delays in signing the COVID relief package by President Donald Trump as he opposed the scale of the caps and the international assistance funds contained in an associated year-end funding bill had sparked fears that the deposits would arrive later.
“The good news is this is a very, very fast way of getting money into the economy. Let me emphasize: People are going to see this money at the beginning of next week,” Mnuchin told Jim Cramer, host of CNBC.
“So it’s very fast, it’s money that gets recirculated in the economy,” he added. “People go out and spend this money, and that helps small business and that helps getting more people back to work.”
The bill, signed by Trump late Sunday, also expanded essential unemployment benefits to small enterprises and allocated extra funds. In its final weeks, the last-minute scramble to submit stimulus checks reflects the gigantic challenge facing the Trump administration.
The payments start when others are pushing to pass bills in the Senate that would lift direct payments to $2,000 in the year-end coronavirus relief package. A bill to do so has already been approved by the Senate.
On Tuesday, Senate Majority Leader Mitch McConnell blocked the effort of Senate Minority Leader Chuck Schumer to pass a bill overwhelmingly that would raise direct transfers to $2,000.
Steven Mnuchin • United States Department of the Treasury • Donald Trump • Cheque • Internal Revenue Service
Later Tuesday, the Kentucky Republican proposed a bill that would expand the size of the checks from $600 to $2,000, abolish the civil responsibility provisions of Section 230 for internet sites and create a committee to research election issues. The bill would satisfy all the latest demands of President Donald Trump, which are unrelated, but would not get Democratic approval to become law.