Treasury secretary, Steven Mnuchin, released in a statement that the Trump administration will begin sending stimulus checks of up to $600 to millions of Americans on Tuesday. Americans with government-registered bank accounts will receive the checks as a direct deposit, while Americans without government bank accounts will be mailed the checks on Wednesday.
“These payments are an integral part of our commitment to providing additional vital economic relief to the American people during this unprecedented time,” Mnuchin added
Not all Americans are qualified to receive stimulus checks
The second round of payments will be distributed automatically in the following breakdown: $600 for eligible individuals, $1,200 for couples filing jointly, and $600 for each child.
“Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment,” the Treasury Department wrote in a statement. “For filers with income above those amounts, the payment amount is reduced,” the statement added.
“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,” Mnuchin told CNBC host Jim Cramer.
“So it’s very fast, it’s money that gets recirculated in the economy,” he added. “People go out and spend this money, and that helps small businesses and that helps get more people back to work.”
Senate to increase next round of stimulus checks
Already, the Senate is pushing to pass legislation that will increase direct payments in the year-end coronavirus relief package to $2,000.
Senate Majority Leader Mitch McConnell on Tuesday blocked Senate Minority Leader Chuck Schumer’s attempt to increase the direct payments to $2,000. The Kentucky Republican later introduced a bill that would boost the size of the checks to $2,000 from $600.