Americans to receive stimulus payments from next week ─Treasury Secretary

*Treasury Secretary Steven Mnuchin has promised a speedy distribution of Coronavirus stimulus funds to millions of Americans beginning next week

Alexander Davis | ConsumerConnect

After nine months of what many have described as a ‘bipartisan delay’, the United States (US) Congress finally, has given approval to a Coronavirus (COVID-19) aid package to millions of Americans.

ConsumerConnect gathered Treasury Secretary Steven Mnuchin said the beneficiaries would start receiving direct payments beginning from next week.

In the fresh arrangement, American adults and children will each receive payments of $600, based on household income.

Likewise, single individuals with incomes of up to $75,000 will receive the full $600, with couples earning up to a combined $150,000 a year also getting the full amount.

Report indicates that as incomes increase over those thresholds, the amount of the payment is reduced, until it is finally phased out altogether for high-income individuals and households.

Mnuchin stated that the government will act quickly to get the money in people’s bank accounts.

The Treasury Secretary in an interview with CNBC, said: “People are going to see this money [at] the beginning of next week. Much needed relief ─and just in time for the holidays.”

In terms of the economic benefits of the fresh COVID-19 stimulus payments boosting the American economy, it was learnt the relief measure, which took nine months to negotiate, also provides relief in the form of expanded unemployment benefits.

According to Mnuchin, in combination with direct payments, the stimulus will give the country’s economy a much-needed boost.

He stated: “The good news is this is a very, very fast way of getting money into the economy.

“Let me emphasise: People are going to see this money at the beginning of next week.”

Mnuchin added that he hopes Americans will quickly spend the money, helping the economy, and in particular small businesses that have been hard hit by the pandemic.

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