Treasury Secretary: Stimulus Checks Could Hit Bank Accounts Next Week

Pasadenans could begin receiving stimulus checks from the federal government as early as next week, according to Treasury Secretary Steven Mnuchin.

“People are going to see this money at the beginning of next week,” Mnuchin said during an interview with CNBC Monday morning. “Much needed relief — and just in time for the holidays.”

Although the checks would arrive after Christmas, they would still arrive faster than the first round of payments approved by Congress earlier this year. 

But before the checks can be processed and sent to bank accounts Congress must pass the bill.  

The House and Senate were scheduled to vote on the $900 billion relief deal on Monday after the two sides came to a deal on Sunday. 

If passed and signed by President Trump, the legislation would extend aid to millions of Americans still reeling from the pandemic by providing a fresh round of stimulus checks, enhanced unemployment benefits, and money for small businesses, as well as new funding for struggling industries, tax breaks, vaccine distribution, education, and health care.

“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 said, adding, “People go out and spend this money, and that helps small businesses and that helps to get more people back to work. So it’s very fast. It’s money that gets recirculated in the economy.”

Adults who earn less than $75,000 will receive the full $600 check, while couples who earn less than $150,000 will receive $1,200. The payments will be tapered for higher earners and phased out completely for individuals who earn more than $99,000 and couples who earn more than $198,000. Dependents under the age of 17 are also eligible for $600 payments.

This means that a family of four could receive as much as $2,400.

Most people will not be required to take any action in order to receive the money. The Internal Revenue Service will use their 2019 tax returns if filed or their 2018 return as an alternative.

The checks will be half the size of the $1,200 payments sent out earlier this year.

It took the government about two weeks after the passage of the CARES Act to begin sending out checks via direct deposit; almost two weeks after the $2.2 trillion package passed, the Treasury Department disbursed more than 81 million payments worth more than $147 billion.