WASHINGTON — With Republicans and Democrats in Congress said to have reached a deal on a new economic stimulus package amid the coronavirus crisis, the secretary of the treasury announced the government plans to deposit money into Americans' bank accounts in a few weeks.
Secretary Steven Mnuchin said Wednesday he expects money to begin arriving in bank accounts via direct deposit in three weeks, but it may take longer for some, depending on an individual's IRS records, and whether or not bank account information is up to date.
Some Americans will receive checks by mail if bank account info is unavailable from IRS records, though the timetable for when checks would be sent was not made clear by Mnuchin or the president.
The package would give one-time payments of $1,200 per adult and $500 per child directly to Americans. Those making more than $75,000 will have adjusted rates, and those that make more than $99,000 will be excluded.
The economic rescue package will also expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.