Stimulus Checks of $600 Could Come as Soon as Next Week, Mnuchin Says

More than eight months after the Internal Revenue Service (IRS) began distributing the first round of stimulus payments, Americans could begin receiving their second stimulus check as early as next week. The news comes amid the "bipartisan breakthrough" on Capitol Hill that led to an agreement on a $900 billion stimulus relief bill that is expected to pass in a congressional vote Monday. That bill calls for a second round of stimulus payments totaling $600, which is half the price of the first round.

Although there had been slim hope that additional stimulus payments were coming, the expected approval of the bill could see the IRS distributing these slimmer checks to Americans almost immediately upon its approval. Speaking on CNBC Monday, Treasury Secretary Steven Mnuchin said he expects "we'll get the money out by the beginning of next week" and the first payments will be sent "next week." These payments will be received via direct deposit, meaning that those expecting to receive a physical check in the mail will have to wait a little longer. A timetable for that has not yet been hinted at. Mnuchin added, "let me emphasize: People are going to see this money at the beginning of next week."

This would mark a much faster process than the first round of stimulus payments. Those payments were approved under the CARES Act. After President Donald Trump signed the bill in late March, it took 19 days for the IRS to begin distributing the first payments via direct deposit. In the months since then, however, and as discussions surrounding an additional stimulus bill continued on Capitol Hill, Mnuchin had indicated that distribution of a second payment would occur much more quickly as the IRS would be better prepared for the massive task.

At this time, the exact wording of the stimulus check provision in the $900 billion bill remains unclear, though the provision is believed to be similar to the one included in the CARES Act. According to CBS News, "single people earning up to $75,000 will receive $600, while married couples earning up to $150,000 will receive $1,200." Additionally, dependents will receive the same $600 checks as adults, which is a higher amount than the $500 checks dependents qualified for under the CARES Act. The outlet reports that it is believed that the second round of checks will have the same type of income phaseouts as in the CARES Act, though such details have yet to be released.