The second round of stimulus checks is hitting bank accounts now.
Treasury Secretary Steven Mnuchin tweeted that the Treasury Department had handed over a payment file to the Federal Reserve and that “payments could start arriving in some accounts by direct deposit already (Monday night) and will continue next week.”
“The Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” said Mnuchin. “These payments are an integral part of our commitment to provide vital additional economic relief to the American people during this unprecedented period.”
The sending of paper checks will start today (Wednesday, December 30).
The IRS tool to check the status of your payment – http://IRS.gov/GetMyPayment – will go live this week.
Officially known as “Economic Impact Payments”, the stimulus will provide up to $ 600 for individuals or $ 1,200 for couples and up to $ 600 for each eligible child. Generally, direct payments will go to those with 2019 adjusted gross income of up to $ 75,000 for individuals and up to $ 150,000 for couples who file joint statements. Payments are reduced for people who earn more than these amounts.
Payments occur after months of negotiations on direct payments and a general stimulus package. President Trump asked for payments of $ 2,000 – something approved by the House – but not by the Senate. In the event that the Senate approves the higher amount, Mnuchin said that the additional funds will come out “as soon as possible”.
The first round of COVID-19 relief checks – $ 1,200 for individuals and $ 2,400 for couples with $ 500 for dependents – was distributed starting in March, during the early days of the coronavirus pandemic. About $ 270 billion in funds has been distributed to almost 160 million people.