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Now that we know more stimulus checks are coming, it’s just a matter of waiting until the bill is approved and signed into law which will likely happen today or tomorrow.
It’s been confirmed that the new package will contain $600 direct payments and so many Americans will now be wondering when they can expect to receive their stimulus payment.
Well, according to Treasury Secretary Steven Mnuchin, stimulus checks would be sent out at the beginning of next week.
Because the treasury and IRS have already processed stimulus checks before, we are expecting them to arrive in a bit more streamlined fashion.
That means them arriving a little bit sooner and hopefully fewer errors and misplaced funds along the way.
Speaking to Squawk on the Street, Mnuchin said: “The president wanted direct payments, so we will be sending out next week direct deposit. I suspect we’ll get the money out by the beginning of next week: $2,400 for a family of four, so much needed relief.”
“People are going to see this money the beginning of next week. So it’s very fast. It’s money that gets recirculated in the economy, so people go out and spend this money and that helps small business. That helps getting more people back to work.”
Receiving the money at the beginning of next week is extremely good news for millions of Americans.
We expected the delivery to take about two weeks so this is actually a bit faster than we initially anticipated for the delivery.
I’m assuming the delivery process will work in the same fashion as it did last time with the lowest income individuals receiving funds first.
According to reports, the income cut off will be the same as they were for the $1,200 checks in the CARES Act, with the payments reduced for earnings above $75,000 per single person or $150,000 per married couple.
And based on the comment above it seems like dependents might be getting a $600 allowance since the Treasury Secretary mentioned that a family of four will be receiving $2,400.
We still need to wait for the official vote to happen today and for the president to sign the bill into law but it appears that all obstacles have been cleared and there is no reason to expect anymore hold up.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.