With Congress on the brink of passing more than $900 billion in stimulus spending after lawmakers reached a deal on a package Sunday evening, Treasury Secretary Steve Mnuchin said during a television interview Americans can expect to begin receiving stimulus payments in just a few days, though it’s unclear whether the Treasury Department will be able to steer clear of delays it experienced after it tried to send out checks earlier this year.
Mnuchin told CNBC on Monday the Treasury would likely begin sending out money via direct deposit “by the beginning of next week,” adding the process moves “very fast.”
Congress came to an agreement on more than $900 billion in stimulus relief on Sunday after months of back and forth along with a $1.4 trillion omnibus spending bill for the 2021 fiscal year.
The package—which Congress has yet to pass—includes funds for $600 in direct payments for single Americans making $75,000 or less (reportedly the income threshold will be $112,000 for heads of households and $150,000 for married couples filing jointly).
The payments would progressively phase out until it disappears for single Americans with an annual income of $99,000, while the ceiling will be $136,500 for heads of household and $198,000 for those married filing jointly.
Dependent children will qualify for a $600 payment as well — a family of four can expect to receive $2,400.
In April, “glitches” and other problems prevented millions of Americans from receiving their stimulus money expeditiously.
What To Watch For
Congress is racing to pass the behemoth spending bill and stimulus relief before the end of the year. Lawmakers are hoping to vote on the package by late Monday evening.
The aid, which would be the second largest stimulus package in history, also includes an extension of the federal unemployment benefits program for 11 weeks, funds for vaccine distribution, schools, and renters, an extension of the moratorium on evictions, and money for a new round of loans to small businesses under the Paycheck Protection Program.
Congress Reaches Agreement On $900 Billion In Stimulus Relief, Including Direct Checks, Unemployment Benefits (Forbes)
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