Treasury Secretary Says Stimulus Money Coming “Next Week”
United State Treasury Secretary Steven Mnuchin told CNBC this afternoon that the latest COVID-19 stimulus payments from the government will start arriving next week.
Congress is pushing to finalize their passage of this latest COVID relief package tonight, and the President is set to sign it as fast as possible, and Mnuchin told CNBC that means Americans who qualify for the payments will start seeing their money next week.
Mnuchin told the network:
“The good news is this is a very, very fast way of getting money into the economy. Let me emphasize: People are going to see this money at the beginning of next week”
The language of the bill says that all citizens, including children, will qualify for $600. But that money starts reducing for those who make more than $75,000 a year, and those who make more than $99,000 a year will not qualify for any payments. This means a family of 5, who makes less than $150,000 a year for their household, would be inline for $3,000.
The payments will come quickly because they will be using the same mechanisms created for the original COVID stimulus in the Spring. Payments will start appearing at the start of next week in bank accounts for some Americans, and the payments will continue to roll out the same way they did in the Spring, including delays for physical checks if needed.