Video above: Financial planner examines best use of COVID-19 stimulus checksU.S. Treasury Secretary Steven Mnuchin said some of the $600 payments might be sent by direct deposit to Americans' bank accounts as early as Tuesday night continuing into the next week.Mnuchin tweeted that paper checks will begin to go out Wednesday. "@USTreasury has delivered a payment file to the @FederalReserve for Americans’ Economic Impact Payments. These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week," Mnuchin said in the tweet. Americans earning up to $75,000 qualify for the direct $600 payments, which are phased out at higher income levels, and there's an additional $600 payment per dependent child.The stimulus checks come as President Donald Trump has advocated for a larger $2,000 stimulus for individuals, which passed through the House Monday night.Pressure is mounting on the Republican-led Senate to follow the House, which voted overwhelmingly on Monday to meet the president's demand to increase the checks from $600 as the virus crisis worsens.Biden supports the $2,000 checks and said Tuesday the aid package is merely a “down payment” on what he plans to deliver once in office.Economists said a $600 check will help, but that it’s a far cry from the spending power that a $2,000 check would provide for the economy.“It will make a big difference whether it’s $600 versus $2,000,” said Ryan Sweet, an economist with Moody’s.CNN and the Associated Press contributed to this report.
Video above: Financial planner examines best use of COVID-19 stimulus checks
U.S. Treasury Secretary Steven Mnuchin said some of the $600 payments might be sent by direct deposit to Americans' bank accounts as early as Tuesday night continuing into the next week.
Mnuchin tweeted that paper checks will begin to go out Wednesday.
"@USTreasury has delivered a payment file to the @FederalReserve for Americans’ Economic Impact Payments. These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week," Mnuchin said in the tweet.
He added that paper checks will begin to be mailed as soon as Wednesday.
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Americans earning up to $75,000 qualify for the direct $600 payments, which are phased out at higher income levels, and there's an additional $600 payment per dependent child.
The stimulus checks come as President Donald Trump has advocated for a larger $2,000 stimulus for individuals, which passed through the House Monday night.
Pressure is mounting on the Republican-led Senate to follow the House, which voted overwhelmingly on Monday to meet the president's demand to increase the checks from $600 as the virus crisis worsens.
Biden supports the $2,000 checks and said Tuesday the aid package is merely a “down payment” on what he plans to deliver once in office.
This content is imported from Twitter.
You may be able to find the same content in another format, or you may be able to find more information, at their web site.
Economists said a $600 check will help, but that it’s a far cry from the spending power that a $2,000 check would provide for the economy.
“It will make a big difference whether it’s $600 versus $2,000,” said Ryan Sweet, an economist with Moody’s.
CNN and the Associated Press contributed to this report.
