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The U.S. On Tuesday, Treasury Secretary Steven Mnuchin stated that American consumers could anticipate their economic impact payments to arrive soon.
Mnuchin stated that the government would start mailing out paper checks on Wednesday, indicating that individuals should expect them within the next two weeks.
Individuals who have direct deposit information on file with the IRS will get their money even faster, starting Tuesday night for some and extending into next week for others.
Mnuchin stated in a statement that the “Treasury and the IRS are working with unprecedented speed to distribute the second batch of Economic Impact Payments to qualifying Americans and their families.”
“These payments are a critical component of our commitment to delivering more economic aid to the American people at this critical time.”
The IRS’s track my payment feature allows recipients to verify the status of their cash. To get their benefits, the great majority of eligible households will not need to take any action.
Currently, the checks will be for $600, but lawmakers are debating legislation that would more than double that amount.
The House of Representatives passed a bill on Monday that would raise the economic impact payments from $600 to $2,000, a measure that President Trump has vocally endorsed.
Other Republicans, concerned about the growing government deficit, are wary of increasing spending, putting the bill’s chances of passage in the GOP-controlled Senate in jeopardy.
The CARES Act, which was passed earlier this year, provided eligible Americans with $1,200 checks — or $2,400 for married couples – under the programme.
The second batch of direct payments is available to individuals earning up to $75,000, or $150,000 for married couples. Each qualifying child in a household is eligible for an extra $600.
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Payments would begin to phase off at a rate of $5 per $100 of additional income after those income limits were reached.
Individuals with incomes of more than $87,000 and married couples with incomes of more than $174,000 are not eligible for payments.
The track my payment feature of the IRS allows recipients to check on the progress of their funds. The vast majority of eligible households will not be required to take any action to receive their payments.
The checks will currently be for $600, but lawmakers are contemplating measures to more than increase that amount.
On Monday, the House of Representatives passed a bill that would increase economic impact payments from $600 to $2,000, a proposal that President Trump has embraced.
Other Republicans are wary of raising spending because of the mounting government deficit, putting the bill’s chances of approval in the GOP-controlled Senate at risk.
The CARES Act, which was passed earlier this year, gave eligible Americans $1,200 payments, or $2,400 for married couples, as part of the programme.
