Getty Treasury Secretary Steven Mnuchin.
Eligible Americans can expect to see their coronavirus stimulus checks as early as next week, according to Treasury Secretary Steven Mnuchin.
The Treasury secretary said Monday, December 21, on CNBC that the $600 payments will be administered at the beginning of next week.
“People are going to see this money at the beginning of next week,” Mnuchin said, according to the outlet. “It’s very fast.”
The House of Representatives and Senate on Monday approved a $900 billion stimulus package, breaking a months-long stalemate over the overall price tag. The package includes another round of direct payments and a weekly $300 federal unemployment supplement for 11 weeks, Business Insider said.
BREAKING: The Senate just passed another major bipartisan, COVID-19 relief package. The American people can rest assured that more help is on the way, immediately.
The easiest stimulus checks to process will be sent out first, if the Treasury follows the same distribution pattern used for the first round of checks executed under the March CARES Act, according to Forbes.
“The first round of payments will go to those for whom the IRS has bank account details on file and can remit funds via direct deposit,” Forbes said. “Even better, most Americans won’t have to take any additional action to receive their $600 check. The IRS will use information from their 2019 or 2018 tax return to facilitate payment.”
Here’s what you need to know:
Qualifying Americans Will Receive $600 in Direct Payments, While Those Who Made Made More Than $75,000 in 2019 Will Receive Less
Congressional Democrats have reached an agreement with Republicans and the White House on an emergency coronavirus relief and omnibus package that delivers urgently needed funds to save the lives and livelihoods of the American people. t.co/z9uVKPk9TP
Congressional leaders announced the $900 billion stimulus proposal on Sunday, December 20.
Under the new bill, eligible Americans will receive $600 stimulus checks, while those who made more than $75,000 in 2019 will receive less, CNBC said.
“Individuals including children will receive $600 in direct payments. A family of four could end up with $2,400,” according to the outlet. “The payments decrease for people who made more than $75,000 during 2019. They would phase out completely for people who made above $99,000 that year.”
The bill calls for $284 billion for the Paycheck Protection Program, which gives loans to small business struggling to stay open during the pandemic, as well as an additional $20 billion for small business grants and $15 billion for live event venues, CNBC continued.
The relief proposal was combined “with a $1.4 trillion government funding omnibus bill, which includes a wide range of provisions — including making illegal streaming a felony,” Business Insider reported.
Democrats Hinted More Stimulus May Be Needed in the Coming Months
Getty
According to CNBC, Democrats have hinted that more stimulus may be needed in the coming months to keep the economy afloat, as positive coronavirus cases in the U.S. continue to soar.
President-elect Joe Biden previously described the relief proposal as as “just a down payment,” Bloomberg reported.
“They’re on their way to being able to come up with a package that meets the basic immediate needs that we have, but I’ve made it real clear, it’s just a down payment,” Biden told reporters earlier this month in Delaware, according to Bloomberg.
Meanwhile, Senate Majority Leader Mitch McConnell told The Daily Briefing that he is open to the idea of more stimulus in the future.
“It’s not too little, too late,” he said to the outlet. “It’s directly targeted at exactly what the country needs right now. If, after the new [Biden] administration comes in, they want to advocate more, we’ll take a look at it, based on conditions in the country at that time.”
READ NEXT: 13-Year-Old Boy Sprayed Blood on Walls While Dying From COVID: PHOTOS