Direct Deposits of $600 Stimulus Checks to Begin Before New Years Day
The United States Department of the Treasury confirmed on Monday that it expects the latest round of $600 direct stimulus checks to begin hitting American’s bank accounts before New Years Day, which falls on this upcoming Friday.
The payments are part of the $900 billion COVID-19 economic relief package signed into law by President Donald Trump late Sunday night after he dithered for two days out of political spite toward the Republican Party, whom he blames for his November election loss to President-Elect Joe Biden.
“NEW: A senior Treasury Department official tells NBC News that Treasury still anticipates being able to start delivering the $600 direct stimulus payments included in the COVID relief legislation by the end of this week, @JoshNBCNews reports,” NBC’s Lauren Peikoff tweeted late Monday afternoon.
NEW: A senior Treasury Department official tells NBC News that Treasury still anticipates being able to start delivering the $600 direct stimulus payments included in the COVID relief legislation by the end of this week, @JoshNBCNews reports.
— Lauren Peikoff (@laurenpeikoff) December 28, 2020
CNBC reported that “it is possible that direct deposits could still start being deposited under the same timeline, ‘as soon as this week,'” according to a statement by a spokesperson for Representative Don Beyer (D-VA), who serves on the Ways and Means Committee with Brady, “since the Treasury Department was already preparing to make the payments under the assumption that the bill would be signed last week.”
The Internal Revenue Service initially forecasted that the deposits would be issued before December 31, although that was prior to the president choosing to engage in gamesmanship with money that a cash-strapped population and an economy teetering on the verge of collapse so desperately needs.
The “#IRS expects to send direct deposits before Dec. 31. Paper checks/debit card $$ between now & Jan 15 at 10 million per week,” Texas Congressman Kevin Brady, the ranking Republican on the House Ways and Means Committee, tweeted last Monday.
Brady added that “all payments” will be received “by 1-15,” and “if no payment/wrong amount,” taxpayers should “claim it on 2020 tax return.” Brady also recommended that people “file early/electronically.”
When to expect 2nd "stimulus check"?
🔹#IRS expects to send direct deposits before Dec. 31.
🔹Paper checks/debit card $$ between now & Jan 15 at 10 million per week.
🔹All payments by 1-15.
🔹If no payment/wrong amount, claim it on 2020 tax return.
— Rep. Kevin Brady (@RepKevinBrady) December 21, 2020
Meanwhile, last night, the House of Representatives passed a stand-alone measure to increase the $600 installment to $2,000 – which Trump demanded on Saturday after remaining silent on the issue for nearly a year.
The bill now heads to the Republican-controlled United States Senate, where its fate will be determined today.