Treasury Secretary Mnuchin Explains How Americans Can Receive Coronavirus Checks Faster
This year, April showers will bring coronavirus relief checks for struggling Americans, according to Treasury Secretary Steven Mnuchin.
During a Sunday interview on CBS News’ “Face the Nation,” Mnuchin said the federal government is building an online system that will get relief cash into the hands of Americans as quickly as possible.
Individuals with incomes under $75,000 will receive $1,200, and those who earn more getting a prorated amount depending upon how much over that amount they earn.
Couples who file a joint tax return can get up to $2,400 if their combined income is under $150,000, along with $500 per child.
Mnuchin said Americans who file taxes electronically will be the first to benefit.
“We expect that within three weeks that people who have direct deposit information with us will see those direct deposits in their bank accounts,” Mnuchin said.
“And we will create a web-based system for people where we don’t have their direct deposit they can upload it, so that they can get the money immediately as opposed to checks in the mail,” he said.
Mnuchin noted that the checks are only one piece of the Trump administration’s effort to ameliorate the impact of the coronavirus on the American economy.
“Well, there’s really three components of this law now that protects the American public. And the president was determined that we protect the American workers since it was not their fault that we shut down the economy while we kill this virus,” he said.
“So the first component is small business loans, which about half of the companies in the U.S., people will be able to get small business loans and pay their workers for eight weeks. So we encourage people to do that and get them back to work.
“Two, they’ll be enhanced unemployment insurance.
“And three, as you said, there’ll be these checks in the mail or direct deposit. It’s really bridge liquidity for people as they go through these difficult times.”
Mnuchin said the administration is looking at an economic recovery that kicks in after a couple of months.
“I think the entire package provides economic relief overall for about 10 weeks,” he said. “Hopefully, we’ll kill this virus quicker. In the end, we won’t need it, but we have liquidity to put into the American economy to support American workers and American business.”
Mnuchin noted that the administration’s goal is to move quickly.
“We have everybody within Treasury and the administration working around the clock to get this money out quickly since this doesn’t do people any good if it takes a long time,” he said.
Mnuchin also said he is optimistic the administration’s strategy will work.
“I think this program is going to be enormously successful in stabilizing the U.S. economy while hardworking Americans who lost their jobs or aren’t able to work because of the medical situation, that they get help,” the secretary said.
“So this money is going to go into the economy very quickly. It is going to help American workers very, very quickly.
“And I don’t know how long it’s going to take to kill this virus. I do know we will kill this virus. And when we do, I have great confidence that the U.S. economy will become roaring back.”
During a Sunday appearance on “Fox News Sunday,” Mnuchin estimated that recovery will come in the third quarter.
“I don’t know what the numbers are going to be this quarter. What I do think is, we are going to kill this virus,” he said, according to Fox News. “We’re gonna reopen this economy.
“And in the third quarter of this year, you’re gonna see this economy bounce back with very large GDP numbers and low unemployment back to where we were beforehand.”
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