LIVE: Mnuchin Says $600 Covid-19 Stimulus Payments Will Be Sent Next Week

(Dec. 21) The economic stimulus measure nearing approval in the U.S. Congress includes a second round of direct stimulus payments to households -- an acknowledgment that families need another injection of cash to get through the latest surge in virus cases and lockdowns. This time, lawmakers are set to approve $600 checks for most adults and $600 for each of their children.

The hope is that the payments, along with additional money for small businesses, jobless individuals and more nutrition benefits, can help bolster households and combat rising poverty rates.

Treasury Secretary Steven Mnuchin says the payments will start going out the week of Dec. 28. Direct-deposit payments will arrive quickest, while checks sent by mail could take until late January to start arriving.

The IRS was able to begin transferring the first round of payments less than three weeks after the Cares Act was signed into law, but paper checks took longer. IRS Commissioner Chuck Rettig says the agency is better prepared and will be able to process payments more quickly, but hasn’t set a specific timeline.

The agency will largely use the address and bank account information collected from taxpayers during the first round of payments to transfer the money. Social Security beneficiaries may not be required to submit any additional paperwork to the IRS, because the agency will likely send them their stimulus payments just as they normally disburse their other monthly benefits.
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