As Congress continues to wrangle over whether to increase the amount of stimulus payments to $ 2,000, the Treasury Department announced on Tuesday that it will begin depositing $ 600 checks into U.S. bank accounts as of Tuesday. evening.
Treasury Secretary Steven Mnuchin in a tweet said the government had started the process to funnel money to individuals through direct deposit payments, while paper checks would begin mailing on Wednesday.
The $ 600 checks are part of the $ 900 billion stimulus bill President Trump enacted on Sunday.
The money is expected to flow faster than the first set of $ 1,200 checks approved by lawmakers in March, because the Internal Revenue Service and the Treasury already have the information they need – including who is eligible for a payment and how they want it. their money is delivered.
Adults with an adjusted gross income of up to $ 75,000 per year on their 2019 tax return will receive a payment of $ 600. A couple (or someone whose spouse died in 2020) earning up to $ 150,000 per year will receive double that amount. There is also a payment of $ 600 for each child for families who meet these income requirements.
[Read more about the stimulus checks and how to receive them.]
The Treasury Department said the payments would be distributed automatically “with no action required to eligible people.” If lawmakers agree to increase the size of the checks, the Treasury said the money issued “will be topped up as quickly as possible.”
Individuals can check the status of their “later this week” payments on the IRS.gov/GetMyPayment website.