When To Expect Your Stimulus Check And How To Get It

Treasury Secretary Steven Mnuchin just announced that $600 stimulus checks could start going out to Americans as soon as next week. That’s much faster than the first batch of checks Congress approved many months ago.

Congress was finally able to reach an agreement on a $900 billion COVID relief deal over the weekend, the first federal aid package with a stimulus check since lawmakers passed the CARES Act in March.

This legislation will extend aid to millions of Americans who are suffering from the side effects of the pandemic by providing a round of stimulus checks, extended unemployment benefits, and funding for small businesses, as well as funding for struggling industries, tax breaks, vaccine distribution, education, and health care.

“People are going to see this money [at] the beginning of next week,” he said during an interview with CNBC Monday morning. “Much needed relief — and just in time for the holidays.”

Lawmakers have not yet released the text of the legislation, but the stimulus checks are expected to follow the same eligibility formula as the first round –although they’ll be half the size of the $1,200 payments sent out earlier this year.

“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 said, adding: “People go out and spend this money, and that helps small business and that helps getting more people back to work. So it’s very fast, it’s money that gets recirculated in the economy.”

American adults who earn less than $75,000 will receive the full $600 check, while couples who earn less than $150,000 will receive $1,200. The payments will be tapered for higher earners (5% of the amount by which their adjusted gross incomes exceeded the initial threshold) and phased out completely for individuals who earn more than $99,000 and couples who earn more than $198,000. Dependents under the age of 17 are also eligible for $600 payments.

This means that a family of four could receive as much as $2,400.

Most Americans will not have to take any action in order to receive money. The IRS will use 2019 or 2018 tax returns to determine who will receive a check.