Treasury secretary gives timeline for stimulus checks

National and World

The money will be direct deposited

(Nexstar DC)

(CNN) – U.S. Treasury Secretary Steve Mnuchin said Sunday that stimulus checks should start being direct deposited within the next three weeks.

Mnuchin told CBS’ “Face the Nation” that there will be a web-based application for those who don’t receive direct deposit to give the IRS the necessary information.

It is not clear how long it would take the agency to send out all the money. The $2 trillion stimulus bill simply calls for payments to be made “as rapidly as possible.”

Under the stimulus, individuals will receive up to $1,200 and couples will receive up to $2,400 — plus $500 per child. But the payments start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount is then reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. The income thresholds are doubled for couples.

Included in the bill is $350 billion in small business loans.

Click here to read more about eligibility.

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