on a $900 billion stimulus deal on Sunday after months of legislative gridlock. The measure calls for a second round of direct payments worth up to $600 for every qualifying adult and child.on Monday morning he "couldn't be more pleased" with the legislation, and Americans are going to start receiving direct deposits "at the beginning of next week."
"The good news is this is a very, very fast way of getting money into the economy," Mnuchin said. "People go out and spend this money and that helps small business and that helps getting more people back to work." Language around the payments' size mirrors that seen in the CARES Act. Individuals and children will each receive $600. Payments start to shrink for people who made more than $75,000 in 2019, and those who earned more than $99,000 won't receive a payment.
It's likely that the new round of payments can be rolled out faster than the first, as the IRS already holds the tax information necessary to distribute the funds. The $1,200 payments established in the CARES Act took weeks to reach some Americans due to a backlog of tax-return reviews. Mailed checks saw even longer delays.
The stimulus package also includes $300 weekly federal unemployment benefits, funds for the Paycheck Protection Program, and aid for schools and universities. The bill's likely passage comes as COVID-19 cases surge to record highs and economic indicators point to a weakening pace of recovery.