Treasury Secretary says Americans can expect stimulus checks to be direct depositied within 3 weeks

Congress and President Donald Trump approved the stimulus proposal last week to address the dramatic economic crisis caused by the coronavirus pandemic. Included is direct payments to many Americans, an unprecedented extension of unemployment benefits and $ 350 billion in small business loans.

Mnuchin told reporters at the White House that it will be an online application for those who do not receive direct deposits.

He also had a message to small businesses: "Go back and hire your employees because the government pays you to do it."


Mnuchin noted that his "main goal now is providing the American workers and American companies the necessary money that will put this economy in a position where it will get through the next eight to ten weeks."

Under the stimulus Individuals will receive up to $ 1200 and couples will receive up to $ 2,400 – plus $ 500 per child. But the payouts start to be phased out for individuals with adjusted gross income of more than $ 75,000. The amount is then reduced by $ 5 for each additional $ 100 of adjusted gross income, and those earning more than $ 99,000 will receive nothing. The income threshold is doubled for couples.

Source link


Leave a Reply

Your email address will not be published. Required fields are marked *