Thursday, January 28, 2021

Stimulus Checks Update: $ 600 Checks To Hit Some Bank Accounts Tuesday Night, Treasury Says

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After days of turmoil he-or-won’t- President Trump signed the $ 900 billion COVID-19 relief bill Sunday night. Now, stimulus checks of $ 600 will start depositing Americans’ bank accounts on Tuesday night, and physical checks will be mailed out Wednesday, according to Treasury Secretary Steve Mnuchin.

The president had previously said – after the recovery bill was passed – that he would veto any bill that did not include a $ 2,000 check to Americans. The resulting delay threatened to lose unemployment benefits, while endangering nearly $ 1 trillion in aid; it also put the government in danger of shutting down, since the aid was tied to a government funding measure until September.

Secretary Mnuchin, House Minority Leader Kevin McCarthy and Senator Lindsey Graham worked together to get the president to nod and sign the bill, according to Axios. Eventually, they convinced him that he would be able to play the bill as a victory.

Mnuchin said on Twitter As of Tuesday evening, the Treasury had turned over a payment file to the Federal Reserve and that payments would start arriving to some direct deposit accounts as early as tonight and continue into next week. Paper checks will be mailed from tomorrow, Mnuchin added.

“The Treasury and IRS are working at unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” Mnuchin said in a separate statement. “These payments are an integral part of our commitment to provide vital additional economic assistance to the American people during this unprecedented time.”

Individuals will receive an economic impact payment of up to $ 600, or $ 1,200 for married couples, and up to $ 600 for eligible children. Payments will be sent automatically and status updates will be available online. 

The announcement comes as the Senate begins to consider a separate measure to increase stimulus checks to $ 2,000. Trump and other GOP leaders have called on the Senate to combine the increased payments provision with legislation that would repeal section 230 of the 1996 Communications Decency Act, which protects technology companies from be held responsible for what users post on their platforms.

“The Senate will initiate the voting process that will increase the checks to $ 2,000, repeal Section 230 and open an investigation into electoral fraud,” the president said in a statement. official statement Sunday.

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