Now that the new round of stimulus checks has been approved by Congress, the question is: When will Americans find the checks in their mailboxes or see the money in their accounts through direct deposit? The answer: very soon. Treasury Secretary Steven Mnuchin appeared on CNBC Monday and said Americans who qualify should see money hit their bank accounts next week.
“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. So it’s very fast, it’s money that gets recirculated in the economy. People go out and spend this money, and that helps small business, and that helps getting more people back to work,” Mnuchin told Jim Cramer.
Individuals will receive $600 in direct payments from the latest bill. A family of four could make as much as $2,400. The amounts decrease for people who made more than $75,000 in 2019. Anyone who made more than $99,000 last year will not qualify for the stimulus checks.
The entire stimulus package totals about $900 billion. Of that, an additional $284 billion will go into the Paycheck Protection Program to offer loans for struggling small businesses. Live-event venues will receive assistance in this bill, with $15 billion designated for them, and another $20 billion for small-business grants. Unemployment benefits will be enhanced by $300 per week through March.
Mnuchin said the timing of this bill is critical to keeping the economy in a recovery phase. “Unemployment has come way down; this is now much more targeted. I expect it’s needed in a short period of time, and I think this will take us through the recovery.”