In a matter of days, Americans who qualified for direct payments in new coronavirus relief legislation could be seen hitting their bank accounts as confirmed by Treasury Secretary Steven Mnuchin on Monday.
According to CNBC, Mnuchin shared that the good news is this easier and faster way of getting into the economy.
He also emphasized that people are going to see this money starting next week.
Mnuchin also shared that it is very fast, as the money gets recirculated in the economy because, at the time that people go out and spend their money received, that helps micro-entrepreneurs or small businesses, which means more people will also go back to work.
The comments of Mnuchin came hours before the expected vote of Congress in order to approve the COVID-19 relief bill worth $900 billion.
Included in the latest bill are the provisions akin to those in the original CARES Act, which is the $2.2 trillion relief package that was approved in March.
Americans which include their children will be receiving $600 in direct payments.
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This means that a family of four could end up having $2,400, however, the payments decrease for individuals who made more than $75,000 during 2019, and for individuals who made above $99,000 on their occupation or even their business, that amount would be phased out.
Based on Democrats, the bill would put $284 billion into paycheck Protection Program small business loans and the new bill would also direct another $20 billion to small business grants and $15 billion to live events venues, MarketWatch reported.
If the bill will be passed, the legislation will be including a $300 federal weekly unemployment supplement and it will temporarily keep in place the pandemic-era programs that had expanded unemployment insurance eligibility during this time.
Mnuchin led earlier in the year negotiations with top Democrats in reaching a new stimulus deal.
After the 2020 elections, Senate republicans which are led by Mitch McConnell led the taking over of the deliberations.
Mnuchin, for his part, favored a more targeted spending bill that focused efforts on helping industries hardest hit by the pandemic like restaurants and airlines.
During a telephone interview, Mnuchin shared that the unemployment has gone down and this is now much more targeted.
He also expects that it is needed within a short period of time, and he thinks that this will take us through the recovery.
The view is likely to conflict with that of Democrats which includes Nancy Pelosi, the House Speaker, and Senate Minority Leader Chuck Schumer, who have mentioned that the $900 billion bills are necessary however insufficient.
Based on the statement of the Democrats, the Congress may need to pass more stimulus in the months ahead as the United States begins what is expected to be a winter of record-setting coronavirus infections, Forbes reported.
Joe Biden, the President-elect has called the current bill as a down payment on further action.
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