Treasury Secretary Steven Mnuchin has said that Americans should start receiving stimulus payouts before the end of the year. Under the guidance of President Donald Trump, Mnuchin says that the individual checks will be distributed by direct deposit.
“The president wanted direct payments, so we will be sending out next week direct deposit,” Mnuchin said.
“I expect we’ll get the money out by the beginning of next week.”
Yesterday, lawmakers in Washington, D.C. agreed to the terms of a $900 billion coronavirus package. With this package, Americans will receive $600 payouts. This is a steep drop-off from the initial $1,200 checks that were distributed in the spring. Initial reports suggested that Democrats were seeking payouts of $1,200 were discussed, but ultimately cut down by Republican lawmakers who were fearful that it would negatively impact the economy down the line.
With a deal finalized, congress members are now hoping that Americans will circulate this money in the economy through small businesses.
“It’s money that gets recirculated in the economy, so people go out and spend this money, and that helps small business and that helps getting more people back to work,” Mnuchin said.
