The U.S. Treasury reportedly began distributing the $600 stimulus payments into bank accounts Tuesday night, according to a pair of tweets from U.S. Treasury Secretary Steve Mnuchin.
This comes on the heels of President Trump signing the $900 billion Covid relief bill, the second such legislation passed this year due to economic fallout from the pandemic. How quickly it arrives in local bank accounts is uncertain. Some may have already received the payment. Others should see payments arrive by later this week and into next week. Paper checks will be mailed out Wednesday to those who do not have their account information on file with the Internal Revenue Service.
Those individuals earning up to $75,000 and up to $150,000 for married couples filing joint returns and surviving spouses, will receive the full amount. That means $600 for a single person, $1,200 for a married couple with no dependents and an additional $600 per dependent. Dependents up to age 18 are also eligible, meaning a family of four would receive up to $2,400. Filers above those income thresholds will receive reduced payments. Individuals earning over $87,000 or couples earning over $174,000 are not eligible for the stimulus checks.
President Trump continues to press Congress to increase the amount to $2,000. Senate Majority Leader Mitch McConnell introduced legislation Tuesday that would send out the larger payments if provisions to shield internet platforms, specifically social media companies, from liability for posted content are removed. It also would include a provision to see a commission is established to investigate voter fraud.
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