Connect with us

CWEB Business News

Stimulus checks to be disbursed next week: Timing could be challenging



An administration officer told CNN that the stimulus checks that have been included in the latest relief bill passed by the Congress and signed by the President will start reaching those who are eligible sometime in the next week. However, the official also said that there was a possibility that there would be a delay in disbursement.


On Sunday evening, President Trump signed the $900 billion Covid relief stimulus bill which gives $600 checks to those Americans who are within a limited income. Experts believe that this entire exercise by the Treasury of the United States to credit cash into individual’s bank accounts could take up to fourteen days. Earlier this year, in March, the first round of stimulus checks had provided $1,200 for an adult, $2,400 for couples and $500 per child.


This new round of checks will add pressure to the IRS as some personnel may be on leave due to the holidays. The tax filing season is also approaching adding to delays. Also, some individual have not as yet received checks from the first round of checks under the CARES act.


President Trump had said that the stimulus check amount should be increased to $2,000. The House passed a special legislation on Monday to increase the amount to $2,000 with a 275-134 floor vote. It is now left to Mitch McConnell to bring it to the Senate. Many of his fellow Republicans are against it, as the cost of the stimulus bill would increase, if the stimulus check amounts are increased.


Source   CNN

Follow us on Google news for more updates and News

Full Disclaimer

Click to comment

More in CWEB Business News



Get the most important news and analyses for Free.

Thank you for subscribing.

Something went wrong.