Americans ready to receive stimulus checks
President Donald Trump signed the COVID relief bill on Sunday night, paving the way for the Treasury Department to issue stimulus checks.
WASHINGTON – United States Treasury Secretary Steven Mnuchin announced that Americans could begin receiving a second round of direct stimulus payments on Tuesday night.
Mnuchin tweeted that the Treasury Department handed over a payment file to the U.S. Federal Reserve for long-awaited economic payments.
“These payments could start arriving in some accounts by direct deposit as early as tonight and will continue into the next week,” wrote Mnuchin.
Mnuchin added that paper checks will be distributed starting on Wednesday.
“Paper checks will start shipping tomorrow. Later this week, you can check the status of your payment at http://IRS.gov/GetMyPayment.”
The news follows the approval of a second COVID-19 relief bill, totaling approximately $ 900 billion last week, among the largest rescue packages of its kind.
The COVID-19 part of the bill revives a weekly increase in pandemic unemployment benefits – this time $ 300, until March 14 – as well as the popular Subsidy Check Protection Program for companies to keep workers on the payroll of payment. It extends eviction protections by adding a new rent assistance fund.
Americans who earn up to $ 75,000 qualify for direct payments of $ 600, which are eliminated at higher income levels, and there is an additional payment of $ 600 per dependent child.
Earlier on Tuesday, Senate majority leader Mitch McConnell blocked pressure from Democrats to immediately bring President Donald Trump’s demand for greater $ 2,000 COVID-19 relief checks to a vote, saying the chamber “initiate a process” to address the issue.
U.S. Treasury Secretary Steven Mnuchin testified during a hearing before the Congressional Oversight Committee on December 10, 2020 at the Capitol in Washington, DC.
But McConnell’s obstacle in efforts to increase the individual amount that Americans receive in stimulus payments may not be sustainable, as the pressure builds amid a worse coronavirus pandemic. A growing number of Republicans, including two senators in the January 5 runoff election in Georgia, said they support a larger number.
President-elect Joe Biden has also expressed his support for $ 2,000 checks and said the aid package is just an “initial payment” of what he plans to deliver when he takes office.
Economists said a $ 600 check will help, but it is a far cry from the purchasing power that a $ 2,000 check would provide for the economy.
“It will make a big difference if it’s $ 600 versus $ 2,000,” said Ryan Sweet, an economist at Moody’s.
The Associated Press contributed to this story.