Direct Stimulus Payments: Trump Wants to Send Within One Week of Deal, Officials Say

Direct Stimulus payments are what President Donald Trump wants, and it could arrive within one week of a deal being agreed, officials say. 

Steve Mnuchin, Treasury Secretary, stated on Tuesday that the president was pushing for the COVID-19 stimulus checks. Mnuchin said that the president wants the White House to do more. Trump wants them to provide money for jobs, kids, a second round of the Paycheck Protection Program, which directs payments a particular part of it. 

According to The Sun, Trump's economic advisory, Mnuchin previously revealed that the cash injection could be sent out within a week after the legislation passed. However, GOP senators emerged yesterday that might exclude the $1,200 stimulus payments from the "skinny" HEALS package.

The quick timeline contrasts with the first round of stimulus checks in March, which was sent out a whopping 19-days after the CARES Act was passed. However, the House of Representatives and Senate on recess came back to debate about the US Postal Service Bill, which the forthcoming deal about the stimulus checks remains uncertain.

According to CNET, the congressional leader and the White House previously agreed on up to $1,2000 in the next relief package. The negotiators from Republican and Democratic parties could start discussing the issue and decide by late August. Still, the negotiations could delay until September after the new congressional session begins officially. Until after September 7, the House and the Senate are adjourned. 

Also, the IRS would use the same calculations and tools for sending the stimulus payments out this time like the IRS Get My Payment tool that tracks the payment and allows direct deposit. 

As per The Sun, the next stimulus payment could reach first those people who've already registered for direct deposit in the 2019 tax filing or before. Those people are counted to 80 million who received their CARES Act money in the first week the payments were sent out. 

The Social Security beneficiaries received the payout due to their direct deposit information filed with federal agencies. At the same time, the paper checks get mailed out later a week to people who didn't sign up for a direct deposit. In mid-May, the first prepaid Economic Impact Payment debit cards were distributed to about four million people. 

The CARES Act and the GOP-backed HEALS Act allocated $500 for the dependents, and the HEROES Act of the Democrats suggests $1,200 for a maximum of three dependents. But the change would force the IRS to adjust the accounting system and will slow down the process. 

By June, 120 million Americans received the stimulus money through direct deposit, 35 million beneficiaries through check in the mail, and 4 million recipients through a prepaid debit card, as per the U.S. Treasury. 

People who don't make enough money file federal income tax returns in 2018 or 2019, weren't able to get a payment unless they submitted a form to the IRS, according to the report of the Center on Budget and Policy Priorities.

According to The Sun, low-income families with children and those of color are disproportionately affected by the action. By the time the IRS is done with the first payments, around 200 million checks will be sent out, with most of the stimulus being sent in June.

The Census Bureau reported that the United States is home to over 330 million, and the IRS will send payments through the end of 2020. 

Check these out: 

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US Unemployment Benefit: Uncertain, Might Decrease From $400 Down to $300

Stimulus Deadline for Eligible Social Security Beneficiaries With Kids Extended