There are many Americans who have been financially affected by the spread of the COVID-19 virus. Multiple people groups across the economic spectrum are suffering from working fewer hours or even losing their job completely. Thankfully, stimulus checks should deposit quicky.
In response to the economic downturn, the president and congress have issued a $2 trillion stimulus bill. The bill will include direct payments to many Americans, an expansion in employment benefits, and finally $350 billion in small business loans. Thankfully, Treasury Secretary Steven Mnuchin announced on Sunday that Americans can expect money to be directly deposited in their accounts within three business weeks.
However, some experts have determined that it may take longer for Americans to receive the money. It’s no secret that the wheels of government can turn slowly, especially in a time of crisis. In 2001, the IRS required six weeks of work before they could start sending out rebate checks under a new tax cut. Additionally, in 2008, it took three months for funds to be distributed after a stimulus package was made law. While Mnuchin says that they are working as quickly as possible, it’s likely that it will take weeks before the payments from the new stimulus bill are distributed.
Thankfully, this may not be true across the board. Many Americans may see payments sooner rather than later. Since the majority of Americans file their tax returns electronically, they will likely receive the money faster.
Mnuchin encourages Americans that his “number one objective is now delivering to the American workers and American companies the needed money that will put this economy in a position where it gets through the next eight to 10 weeks.”
He also had a hopeful and optimistic message to give to small business owners. Mnuchin says, “Go back and hire your workers because the government is paying you to do that.”
