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Show Me the Money: Treasury says when $600 stimulus payments for direct deposit, checks will drop

by Sherry Kolade

The second round of stimulus checks [albeit smaller] are on tap to be deposited into most Americans bank accounts and via check soon after President Donald Trump approved a $900 billion coronavirus relief bill recently.

The checks will be $600 and those eligible for the checks are for people earning up to $75,000, according to a published report.

Those eligible for the checks will need a Social Security number to qualify for a relief check. Individuals earning up to $75,000, and couples earning up to $150,000 will receive the full amount. Subsequently, the amount of the check then decreases by $5 for every $100 of income above those figures, according to the report, ending at $87,000 for individuals and $174,000 for couples. Also, income is based on 2019 tax returns.

Dependents under age 17 are also eligible for $600 checks, and there’s no cap on the number a household can have. For example, if a single person earned $50,000 in 2019 and has four children under 17, the individual will be eligible for a $3,000 payment, according to the report.

There is no specific timing on when the money will be available, but it should be faster than when the first checks were sent because the Internal Revenue Service is set up to make payments now, the report added.

Treasury Secretary Steven Mnuchin said on Tuesday that Americans could begin seeing payments as early as Tuesday night through direct deposit, with paper checks being mailed out as soon as Wednesday.

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