You may see your $600 coronavirus stimulus payments in your bank accounts as soon as late Tuesday even as President Donald Trump and Congress discuss giving you a bigger check.
The Treasury Department said Tuesday that the payments will begin going out Tuesday evening and continue into next week. Direct deposits will go out shortly while paper checks will be mailed Wednesday.
“These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time,” Treasury Secretary Steven Mnuchin said.
The payments will be distributed automatically, and if Congress raises the amount to $2,000, the additional funds will be handed out as soon as possible.
The $600 checks will go to individuals and dependent children under age 17. They begin phasing out at $75,000 for single filers, and disappear altogether at $87,000, according to the Tax Foundation, a research group. For married couples filing jointly with no children, they phase out between $150,000 and $174,000.
Trump has pushed Congress to increase the size of the payment, and House Democrats quickly passed legislation on Monday to do so, attracting 44 Republicans.
Senate Majority Leader Mitch McConnell, R-Ky., on Tuesday blocked consideration of the bill in his chamber, despite support by the president and both Democratic and Republican senators.
To check on the status of the payment, go to IRS.gov/GetMyPayment. For more information about the Economic Impact Payments, go to IRS.gov/EIP.
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