While it was bad news on Tuesday for those that were hopeful for approval of a $2,000 stimulus deal – the $600 checks already approved-and-signed by President Donald Trump will begin hitting checking accounts sooner than expected.
U.S. Treasury Secretary Steve Mnuchin says the checks could start arriving as soon as Tuesday night.
Direct deposits will continue over the coming days and paper checks will be delivered beginning on Wednesday.
Later this week the IRS will provide updates on individual checks, as they did in the spring for CARES Act stimulus checks.
Here’s how it will break down:
– $600 to all Americans making less than $75,000 per year;
– Couples who make less than $150,000 will receive $1,200; and
– Dependents will also be eligible for $600.
On Tuesday Republicans killed the prospect of immediately $2,000 payments.
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