Stimulus Payments To Go Out ASAP
It looks like the wait is over for the next round of direct stimulus payments to Americans.
Now that the next COVID relief package has been signed off on by President Trump, it looks like the turnaround for direct payments will be much faster than anticipated. United States Treasury Secretary Steven Mnuchin tweeted earlier today that the necessary paperwork has been filed with the Internal Revenue Service (IRS) and payments could start arriving "...as early as tonight and will continue into next week." Mnuchin also tweeted paper checks will start going out tomorrow, and payments can be tracked through the IRS website.
As we reported yesterday, payments will be $600 per adult, and $600 for each dependent child under the age of 17. Payments will be phased out for those with an income of $75,000 ($150,00 for married couples) and above. Raising those payments to $2,000 per adult did gain some momentum in Congress this week, but Senate GOP leader Mitch McConnell pushed back on that idea today.
Regardless of where the $2,000 payment idea goes, what has been approved is approved and those funds will start making their way to Americans this week. After all the back and forth on this relief package over months and months, at least now that the funds are locked in they will get into bank accounts swiftly. Now if this pandemic would only come to a swifter end so all Americans can get back to work, putting the need for these relief packages to bed. That will be a win to truly celebrate.