by Zero Hedge
Update (1840ET): In a series of tweets tonight, Treasury Secretary Stephen Mnuchin confirmed that the US Treasury has delivered a payments file to The Fed for “Americans’ Economic Impact Payments.”
- These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week.
- Paper checks will begin to be mailed tomorrow.
Eligible individuals will receive an Economic Impact Payment of up to $600 for individuals or $1200 for married couples and up to $600 for each qualifying child.
Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount.
For filers with income above those amounts, the payment amount is reduced.
Additionally, Mnuchin noted that later this week, you can check the status of your payment here.
In a later statement, Treasury confirmed that:
“Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” said Secretary Steven T. Mnuchin.
“These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.”
Payments will be distributed automatically, with no action required for eligible individuals. If additional legislation is enacted to provide for an increased amount, Economic Impact Payments that have been issued will be topped up as quickly as possible.
The mention of The Fed raises some questions about where exactly these funds are coming from and whether this is in fact QE for the people, or ‘helicopter money’.