President Donald Trump signed the COVID-19 relief bill this week, and U.S. Treasury Secretary Steven Mnuchin said on Tuesday that American households should expect to receive their economic impact payments very soon.
According to Mnuchin, the government would begin sending out paper checks on Wednesday, with people expected to start receiving them within the next two weeks.
He said individuals with direct deposit information on file with the IRS will receive their cash quicker from tonight, Tuesday, continuing into next week.
“Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” said Secretary Steven T. Mnuchin. “These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.”
“Eligible individuals will receive an Economic Impact Payment of up to $600 for individuals or $1200 for married couples and up to $600 for each qualifying child. 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. For filers with income above those amounts, the payment amount is reduced,” the Department of Treasury said in a statement.
The statement said “this second round of payments will be distributed automatically, with no action required for eligible individuals. If additional legislation is enacted to provide for an increased amount, Economic Impact Payments that have been issued will be topped up as quickly as possible.”
“Today, the Treasury Department and the Internal Revenue Service will begin delivering a second round of Economic Impact Payments to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week. Paper checks will begin to be mailed tomorrow, Wednesday, December 30. This second round of payments will provide critical economic support to those who, through no fault of their own, have been adversely impacted by the COVID-19 pandemic.
“The swift issuance of this second round of payments follows the successful delivery of more than $270 billion in CARES Act Economic Impact Payments earlier this year, providing crucial economic support to nearly 160 million Americans,” the Treasury Department said.
Recipients can use the IRS’s track my payment tool to check their statuses while the vast majority of eligible households will not need to take any action to receive their payments.