Forbes Media President Steve Forbes discusses what the stimulus agreement should include and its prospects for the economy.
Treasury Secretary Steven Mnuchin said a new round of $ 600 stimulus checks could begin when Americans leave immediately after next week, much faster than the first batch of payments approved by Congress earlier this year.
“People will see this money [at] early next week, “he said in an interview with CNBC on Monday morning. “I need some relief – and just in time for the holidays.”
Congress reached an agreement Sunday night on a $ 900 billion COVID aid deal, the first substantial federal aid package since lawmakers passed the CARES law in March.
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If passed by the House and Senate on Monday, as expected, the bill would extend aid to millions of Americans still plagued by the pandemic, offering a new round of stimulus controls, increased unemployment benefits and money for businesses. as well as new funding for industries in difficulty, tax exemptions, vaccine distribution and education and health care.
Lawmakers have not yet released the text of the legislation, but incentive checks are expected to follow the same eligibility formula as the first round – although they will be half of the $ 1,200 payments sent earlier this year.
“The good news is that this is a very, very fast way to attract money into the economy. Let me point out: people will see this money early next week, “Mnuchin said, adding:” People go out and spend this money, which helps small businesses and that helps bring more people back to work. So it’s very fast, there’s money being recirculated in the economy. “
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American adults earning less than $ 75,000 will receive the full $ 600 check, while couples earning less than $ 150,000 will receive $ 1,200. Payments will be reduced for people with higher incomes (5% of the amount by which the adjusted gross income exceeded the initial threshold) and will be phased out for people earning more than $ 99,000 and couples earning more than $ 198,000. Dependents under the age of 17 are also eligible for payments of $ 600.
This means that a family of four could receive up to $ 2,400.
A large majority of Americans will not be forced to take any action to receive the money. The IRS will use its 2019 tax return if it is filed or the 2018 return as an alternative.
A persistent question was how long it would take the Treasury Department to distribute the money after the transaction was completed.
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It took the government about two weeks after the adoption of the CARES Act to start sending checks by direct deposit; Nearly two weeks after the $ 2.2 trillion package was passed, the Treasury Department paid more than $ 81 million in payments worth more than $ 147 billion, all through electronic transfers to recipients’ bank accounts, according to the Treasury Bureau. Government responsibility.