Stimulus Package That Includes Direct Payments Could Be Approved Next Week
The talk of another stimulus package has been around since the summer, but Americans have still not had new direct payments since the first stimulus package was approved back in the spring. That could change as early as next week.
According to WIVB, stimulus checks of $600 to $700 could be put into bank accounts in the coming weeks, as lawmakers are reportedly nearing a deal this week.
However, if a deal is reached, it likely wouldn't be approved until next week since there may not be a vote until next week. This is due to rules that require a bill to be approved in "smaller committees" before it has the chance to reach the Senate floor. Once it reaches the President's desk, then that's when the wheels of motion would start to get the payments to Americans.
Treasury Secretary Steve Mnuchin said back in the summer that they could get payments out as quickly as one week after Congress approves the deal.
When the CARES act was passed in late March, it took roughly two weeks for the IRS to send the payments after President Trump signed the bill. That means IF this new bill is approved, Americans would likely see payments by the new year or early January.
The reported new relief package would be $900 billion that would help businesses and have $300/per week jobless checks, along with the $600 direct payments to most Americans.
Read more about the proposed new bill here.