12/30/2020
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$600 stimulus payments started going out Tuesday night, Treasury Secretary Mnuchin says
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The Trump administration began sending stimulus payments of up to $600 to millions of Americans Tuesday evening as part of the recently passed Covid relief bill.
Treasury Secretary Steven Mnuchin said the government would begin the process of mailing out paper checks on Wednesday for individuals without government-registered bank accounts.
WASHINGTON — The Trump administration began sending stimulus payments of up to $600 to millions of Americans Tuesday evening as part of the recently passed Covid relief bill, the second such direct payment to Americans amid historic unemployment and ongoing business closures.
In a pair of tweets Tuesday evening, Treasury Secretary Steven Mnuchin wrote that payments "may begin to arrive in some accounts by direct deposit as early as tonight." He also wrote that the government would begin the process of mailing out paper checks on Wednesday for individuals without government-registered bank accounts.
"These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time," Mnuchin wrote in a separate emailed statement.
The second round of payments will be distributed automatically in the following breakdown: up to $600 for eligible individuals, $1,200 for couples filing jointly and up to $600 for each child. Similar to the first round of payments in March, the amounts begin to taper off after certain income levels.
"Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment," the Treasury Department wrote in a statement. "For filers with income above those amounts, the payment amount is reduced," the statement.
"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 told CNBC host Jim Cramer.
