WASHINGTON, D.C. — United States Treasury Secretary Steven Mnuchin said Sunday that Americans could expect checks from the historic $2 trillion stimulus bill for coronavirus support to be direct deposited in their accounts within three weeks, but experts have said it could take longer to receive the money.
Congress and President Donald Trump passed the stimulus bill last week to address the dramatic economic crisis caused by the coronavirus pandemic. Included are direct payments to many Americans as well as a historic expansion in unemployment benefits and $350 billion in small business loans.
On CBS’ show “Face the Nation,” Mnuchin said that there will be a web-based application for those who didn’t receive direct deposit to give the IRS the necessary information.
It would likely take weeks before the first payments start going out. Mnuchin said last week that the IRS would begin issuing payments within three weeks of the new legislation being signed into law. The bill calls for payments to be made “as rapidly as possible,” CNN reported.
In 2001 it took six weeks for the IRS to begin sending out rebate checks under a new tax cut, and in 2008, it took three months after a stimulus package was signed into law to distribute money as well.
Those Americans who file their tax returns electronically and provide the IRS with their bank information could see their payments sooner, however, the report said.
According to Mnuchin, his “number one objective is now delivering to the American workers and American companies the needed money that will put this economy in a position where it get through the next eight to 10 weeks.”
He also had a message for small businesses: “Go back and hire your workers because the government is paying you to do that,” he said.
Under the plan, individuals making adjusted gross incomes of less than $75,000 will receive checks of up to $1,200 and couples will receive up to $2,400 plus $500 per child.
The amount received will be reduced by $5 for every additional $100 of adjusted gross income. Those making more than $99,000 will not receive any money, and the income thresholds will be doubled for couples.
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