Treasury Secretary Steven Mnuchin said that millions of Americans would start receiving their stimulus checks next week.

Steven Mnuchin
(Photo : Al Drago-Pool/Getty Images)
Treasury Secretary Steven Mnuchin speaks about the quarterly CARES Act report before the Senate Banking Committee on Capitol Hill

Congressional leaders had finally passed a new COVID-19 relief bill that includes unemployment benefits and stimulus checks. After more than a week of disagreements on the relief aid language, both parties have finally found their common ground. 

Read also: US Congress Seals $900-B Relief Bill Agreement, Chambers To Vote on Monday

Mnuchin Announced Americans Will Receive Stimulus Checks Next Week

In the past few days, millions of Americans hoped that the Republican and Democratic lawmakers would seal the relief bill's deal.

There were uncertainties when a bipartisan group of Senators proposed the $900 billion relief bill, but now both chambers and parties have finally reached an agreement. 

Treasury Secretary Steven Mnuchin told CNBC News on Monday that qualified Americans and residents in the country would likely start receiving their stimulus checks beginning next week. He asserted that they would see it hit their bank accounts in a matter of days. 

Mnuchin said: "The good news is this is a very, very fast way of getting money into the economy. Let me emphasize: People are going to see this money at the beginning of next week."

"So it's very fast, it's money that gets recirculated in the economy. People go out and spend this money, and that helps small business and that helps getting more people back to work," he added.

Mnuchin issued this statement just hours before Congress members vote on the relief bill. As of this time, the House has already approved the roughly $900 billion relief bill, according to a recently published report in NPR.

Read also: Senate Assures to Deliver Relief Aid Before Leaving the House 

House Approved the Bill, What are the Benefits? 

Even though the money will not be on your bank accounts before Christmas Day, the good thing is there is now an assurance that millions of Americans will get the financial aid they need before the year ends. It reflects McConnell's previous commitment not to leave the Capitol until a relief aid is approved.

According to CNBC, individuals, including children, will receive $600 in direct payments, and a family of four could end up with $2,400. The Democratic lawmakers also said that the bill includes $284 billion into Paycheck Protection Program (PPP) small business loans.

Additionally, another $20 billion will go for small business grants and $15 billion to live event venues. Lawmakers from both parties also included in the bill a $300 federal weekly unemployment benefit and temporarily keep in place pandemic-era programs that expanded unemployment insurance eligibility.

"Unemployment has come way down. This is now much more targeted. I expect it's needed in a short period of time, and I think this will take us through the recovery," Mnuchin noted.

President-elect Joe Biden said this is just a downpayment of what is yet to come during his term. He noted that he supports the relief bill, and more help will be on the way once he enters the White House.