U.S. Treasury Secretary Steven Mnuchin on Sunday stated Americans can expect to get a part of the $2 trillion coronavirus stimulus plan within 3 weeks, either by direct deposit or a check in the mail.
How each person or family will get the money — as much as $1,200 for people or $2,400 per couple — will depend upon whether the Irs has their direct deposit info, he stated on CBS News’ “Face The Nation.
“We will create a web-based system for people where we don’t have their direct deposit, they can upload it, so that they can get the money immediately as opposed to checks in the mail,” Mnuchin stated.
The Internal Revenue Service currently has bank info for people who supplied it for tax refund checks.
National Economic Council Director Larry Kudlow, speaking on ABC’s “This Week,” anticipated a comparable timeline for the circulation of specific checks. He added that federal loans to small companies will be prepared for processing by this coming Friday.
“We’ll have rapid speed, much faster than has been done in the past with these things,” he stated. “We will get it into people’s hands right away.”
In addition to offering specific payments to Americans and loans to small companies, the financial stimulus steps likewise supply improved joblessness insurance coverage.
Mnuchin stated “the entire package provides economic relief, overall, for about 10 weeks.”
However precisely how long the infection is anticipated to affect the U.S. economy is not really understood, both Mnuchin and Kudlow stated.
“It could be four weeks, it could be eight weeks,” Kudlow stated. “I say that hopefully and I say that prayerfully, that’s what some of the science experts are telling us. I don’t know if they’ll be right.”
Instead of anticipating the future, Mnuchin stated he’s concentrating on the now.
“We have everybody within Treasury and the administration working around the clock to get this money out quickly since this doesn’t do people any good if it takes a long time,” he stated. “If for whatever reason, this takes longer than we think, we will go back to Congress and get more support for the American economy. But I hope that’s not needed.”
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