WASHINGTON — More than seven months after Americans started receiving the first coronavirus stimulus checks, Congress on Monday approved a second round of direct aid payments to Americans, needing only President Donald Trump’s signature to go forward.
How fast could the IRS send out checks?
During the first round of economic impact payments, President Trump approved the CARES Act on March 27 and the first checks started appearing in people’s bank accounts about three weeks later, during the week of April 14.
However, because the IRS already did a lot of the set-up work during the first round of payments, there’s a chance a second round of stimulus checks could be sent out faster.
In an interview Monday, Treasury Secretary Steve Mnuchin said Americans can expect to receive stimulus payments in just a few days.
“The good news is this is a very, very fast way of getting money into the economy,” Mnuchin told CNBC. “I expect we’ll get the money out by the beginning of next week.”
The announcement from Mnuchin sets up a timeline that could have stimulus money in the hands of Americans by the end of the year.
If you received your first stimulus check by mail, you’ll want to sign up for direct deposit to make sure you get it quicker. It’s likely that paper checks won’t arrive until weeks after payments are sent out to those who set up direct deposit.
How much will the stimulus checks be?
On direct payments, the bill provides $600 to individuals making up to $75,000 per year and $1,200 to couples making up to $150,000, with payments phased out for higher incomes. An additional $600 payment will be made per dependent child, similar to the last round of relief payments in the spring.