Treasury Secretary Steven Mnuchin said a new round of economic stimulus checks will start being sent out next week — much faster than its previous batch of checks.
“People are going to see this money the beginning of next week,” he said in an interview Monday with CNBC. “Much needed relief — and just in time for the holidays.”
“This is a very, very fast way of getting money into the economy.”
One of the questions surrounding the additional payments included in a new coronavirus relief package pending in Congress is how quickly they could be disbursed — with some wondering if many of them might not go out until after President-elect Joseph Biden has taken office.
It took the IRS about 15 days to begin distributing checks after the last coronavirus stimulus measure was signed into law in March, and months to ultimately put out more than 160 million payments. Having already done it once before this year, though, should make this round easier for the IRS.
The agreement announced Sunday by lawmakers offers payments of up to $600 per person, including children, for families earning up to $150,000 a year.