Disbursement of stimulus checks to begin next week: Mnuchin
'The president wanted direct payments, so we will be sending out next week direct deposit,' said Treasury Secretary Steven Mnuchin.
According to a new report, the stimulus checks agreed on by political leaders are expected to reach American citizens’ pockets before the year is up.
Treasury Secretary Steven Mnuchin revealed during an interview on Monday with CNBC plans to issue the relief funds as early as next week.
“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,” he remarked. ” It’s very fast. It’s money that gets recirculated in the economy. People go out and spend this money, and that helps small business and that helps getting more people back to work.”
“I think this will push us through the recovery,” he added.
“It is a similar distribution as last time for the PPP. There will be some additional programs also set up that are targeted. In the PPP, if businesses are down 25%, they’ll be able to get a second check. We also added an employer retention tax credit, up to $10,000 per quarter, per person,” he shared.
The full stimulus package detailed individuals including children will receive $600 in direct payments with similar qualifications to those listed in the CARES Act passed in the spring.
theGrio reported on Sunday, Congress decided on an almost $1 trillion COVID-19 economic relief package that would establish a temporary $300 per week supplemental jobless benefit and a $600 direct stimulus payment to most Americans.
This check will be only the second monetary relief sent directly to citizens since the coronavirus pandemic began and half the initial $1200 stimulus amount.
“There will be another major rescue package for the American people,” Senate Majority Leader Mitch McConnell, R-Ky., said in announcing the agreement according to the report.
Political leaders faced criticism from their peers and American citizens for the delay in relief and small amounts. House Speaker Nancy Pelosi expressed disdain toward the $600; however, she is assured the money will be enough.
“I would like them to have been bigger, but they are significant,” she said.
Rep. Alexandria Ocasio-Cortez took to Twitter to express her feelings about the new COVID-19 relief bill. She explicitly stated, “$600 is not enough.”
According to the Washington Post, the agreement will also extend a moratorium on evictions set to expire at the end of the year and provide approximately $25 billion in emergency assistance to renters.
Congress also agreed to extend the deadline for states and cities to use unspent money approved by the Cares Act.
Have you subscribed to theGrio’s podcast “Dear Culture”? Download our newest episodes now!
TheGrio is now on Apple TV, Amazon Fire, and Roku. Download theGrio today!