The first $600 Covid-19 relief direct deposit payments hit bank accounts last night. Many Americans took to social media to confirm they received their Covid-19 stimulus payments before midnight.
Millions more checks will go out in the snail mail starting today and continuing into next week.
Treasury Secretary Stephen Mnuchin confirmed that the "Americans' Economic Impact Payments" direct deposits hit bank accounts last night.
"Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families.
"These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time."
Most eligible Americans (and some non-citizens) will receive Economic Impact Payments of up to $600 for individuals or $1200 for married couples and up to $600 for each qualifying child. A family of 5 can receive $3,000.
Individuals who earned over $75,000 in 2019 or couples with combined income of $150,000 are not eligible for stimulus checks.
President Donald Trump urged Senate Majority Leader Mitch McConnell to fast-track a standalone bill to increase the payments from $600 to $2000 per American.
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Treasury Secretary Steven Mnuchin moved $455 billion in unspent stimulus money into a fund that can't be touched without congressional approval, Bloomberg reported on Tuesday.
The move leaves Mnuchin's potential successor, Janet Yellen, with only $80 billion in relief funds that she can access immediately.
The $455 billion includes unspent money that should have gone to stimulus checks and small businesses as loans and grants. The funds will be deposited into the Treasury's General Fund, which can't be touched without legislative approval.
Legislative experts say the move can be reversed by Congress next year.
Ernie Tedeschi, a policy economist at Evercore ISI, called Mnuchin's decision "a dangerous move" as "we're about to kick off millions of people from unemployment insurance."
The Treasury Department did not immediately respond to a request from Bloomberg for comment.
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A second $1,200 stimulus check is on the way to Americans who qualify, President Trump's economic advisor Kevin Hassett said.
Hassett says the federal government will issue a second stimulus check to qualified Americans as the U.S. economy attempts to recover from the coronavirus pandemic.
"I think it's coming sooner rather than later, Hassett told CNN on Friday.
A second round of stimulus checks was included in the House Democrats' $3 trillion relief package. But the bill was dead on arrival on the Senate floor last week.
Hassett cautioned that there was a possibility of double-digit unemployment in November.
"We are getting back to normal," Hassett told CNN.
Treasury Secretary Steven Mnuchin also believes that American people and businesses will need another injection of financial support as the coronavirus pandemic eases.
"I think there is a strong likelihood we will need another bill," Mnuchin said on Thursday. "We're going to step back for a few weeks and think very carefully if we need to spend more money and how we're going to do that."
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Axl Rose became embroiled in a Twitter beef with U.S. Secretary of the Treasury Steve Mnuchin on Wednesday.
The Guns N' Roses frontman denounced the hedge fund multi-millionaire out of the blue on the social media site on Wednesday, May 6.
Axl may know Mnuchin from his previous gig in entertainment as a film producer,
"It’s official! Whatever anyone may have previously thought of Steve Mnuchin he's officially an a**hole," he tweeted.
Mnuchin responded to Axl by asking, "What have you done for the country lately?", initially alongside a Liberian flag emoji, before deleting the tweet and reposting with the correct U.S. flag.
This provoked the 58-year-old rocker into a furious tirade about President Trump's response to the Covid-19 crisis.
"My bad I didn't get we're hoping 2 emulate Liberia's economic model but on the real unlike this admin I'm not responsible for 70k+ deaths n' unlike u I don't hold a fed gov position of responsibility 2 the American people n' go on TV tellin them 2 travel the US during a pandemic," Axl tweeted, referring to plans to "reopen" America by ending lockdowns designed to stop the spread of the coronavirus.
In 2018 Axl also clashed with Trump over the President's decision to play Guns N' Roses music at his rallies.
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President Donald Trump has ordered the Internal Revenue Service to extend the filing deadline to July 15.
Earlier, the IRS extended the payment deadline to July 15 to lessen the financial impact of the coronavirus outbreak.
Treasury Secretary Steven Mnuchin announced the extension in a tweet on Friday. He previously denied reports that the IRS would extend the filing deadline.
"We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."
Mnuchin encouraged taxpayers who are due refunds to file early to receive their refund checks more quickly.
President Trump signed a bill that includes sending checks ranging from $1,000 to $4,500 to every American. Mothers with children will also received an extra $500 for each child.
Hard working individual taxpayers who earned over $99,000 in 2018 will not receive a check from the government.
The Trump administration is also considering a blanket suspension of all income tax payments for the rest of the year.
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President Donald Trump is considering sending individuals and small business owners checks ranging from $1,000 to $4,500 to help lessen the financial impact of the Coronavirus on the economy.
The Trump administration seeks $850 billion for a stimulus package to stimulate the economy amid unprecedented responses to the Coronavirus outbreak in America.
The stock market, tourism and airline industries all suffered huge losses as a result of the virus hysteria.
The Trump administration will also defer payments to the IRS by pushing back the deadline for making income tax payments from April 15 to July 15.
Trump will meet with Congress to seek approval for the package, including checks for $1,000-$4,500 paid directly to all Americans except millionaires and billionaires.
"Americans need cash now," said Treasury Secretary Steven Mnuchin at a White House press briefing on Tuesday. "We want to make sure that Americans get money in their pocket quickly. We're looking at sending checks to Americans immediately.
"We don't need to send people who make $1 million a year checks," Mnuchin said. "We're going to preview that today and we're going to talk about details afterward."
"The president wants to put money in the economy now. If there are small business that can't make payroll, those businesses will cease to exist."
If Congress approves the stimulus package, the checks will be in the mail in April.