Stimulus checks could be direct deposited to Americans in as little as three weeks from now according to Treasury Secretary Steven Mnuchin. The much needed economy stimulus could help millions across the nation as most still don’t know when they will be allowed back to work.
Congress and President Donald Trump enacted the historic $2 trillion stimulus bill last week with the goal of direct deposit to many Americans, a massive unprecedented expansion in unemployment benefits and $350 billion in small business loans. However, experts have determined it could take longer for Americans to receive their stimulus check than what Treasury Secretary Steven Mnuchin as has predicted.
Steven Mnuchin says the IRS would begin issuing payments within three weeks of the legislation being signed into law. The bill calls for payments to be sent “as rapidly as possible.”
Experts are looking to the past for a hint of how the future will play out. For instance, in 2001 it took six weeks for the IRS to start sending out rebate checks under a new tax cut. In 2008, it took three months after a similar stimulus package was signed into law.
More people file their tax returns online now and provide the IRS with their bank information which means these taxpayers will likely receive their stimulus check.
Under this recent stimulus bill, individuals will receive up to $1,200 and couples up to $2,400. Additionally, people will receive $500 per child. But, the payments will begin to phase out for individuals with adjusted gross incomes of more than $75,000 and then will be reduced by $5 for each $100 of adjusted income above the $75,000 threshold. Also, those making more than $99,000 will receive nothing. The income thresholds are doubled for couples.
Mnuchin also has a message for small businesses, “Go back and hire your workers because the government is paying you to do that.”
Be sure to file your taxes as soon as possible if you have not already, and also follow DFWOTC to stay up to date with what’s happening around the DFW as we make it through this pandemic together.