New financial aid in connection with COVID-19 is already being sent: when will the money come
US Treasury Chief Steven Mnuchin said that stimulus payments in the amount of $ 600 have already begun to be sent to Americans, writes CNBC.
The Trump administration has begun sending payments of up to $ 600 to million Americans as part of the recently passed Covid Relief Act, the second such direct payment to Americans amid historic unemployment and business closures.
In a couple of tweets on Tuesday evening, Dec. 29, Treasury Chief Steven Mnuchin said that payments "could start to appear in some accounts by direct transfer as early as tonight." He also said that on Wednesday, December 30, the government will begin mailing paper checks to individuals without government-registered bank accounts.
“These payments are integral to our commitment to provide vital additional economic assistance to the American people at this unprecedented time,” Mnuchin said in an email statement.
On the subject: Trump signed a financial aid package to Americans: what's in it
The second round of payments will be automatically distributed in the following breakdowns: up to $ 600 for eligible persons, $ 1200 for joint filing couples, and up to $ 600 for each child. As in the first round of payments in March, after reaching a certain level of income, the amounts begin to decline.
"Typically, if you adjusted your 2019 gross income to $ 75 for individuals and $ 000 for joint filing couples and widowers, you will receive the full amount of the second payment," the Treasury said in a statement. "For persons with income above these amounts, the amount of payment is reduced."
Mnuchin told CNBC that Americans who are eligible for direct payments will receive funds in their bank accounts within a few days. But President Donald Trump has delayed signing the Covid relief package, demanding a $ 2000 payment and criticizing the foreign aid funds included in the accompanying year-end funding bill. But in the end, on Sunday, December 27, he nevertheless signed the law.
The bill also expanded basic unemployment benefits and provided additional funding for small businesses. The rush to send money reflects the enormous challenge facing the Trump administration in recent weeks.
Payments begin while some in the Senate are pushing for legislation that will increase direct payments under the coronavirus relief package to $ 2000. The House of Representatives has already approved a bill on this.
Senate Majority Leader Mitch McConnell on Tuesday, December 29, blocked an attempt by Senate Minority Leader Chuck Schumer to unanimously pass legislation increasing direct payments to $ 2000.
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Later that day, the Kentucky Republican introduced a bill that would increase the size of checks from $ 600 to $ 2000, remove the section 230 liability protection for internet platforms, and create a commission to study election-related issues. The bill will satisfy all of Trump's recent demands that are unrelated but likely to be blocked by Democrats.
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