Senate stimulus deal includes individual checks — but don’t expect the money right away
(Source cnn.com) The Senate unanimously passed a $2 trillion stimulus deal late Wednesday that includes sending checks directly to individuals amid the coronavirus crisis — but it will likely take weeks before the money goes out. President Donald Trump and Treasury Secretary Steven Mnuchin are still pushing to get the direct payments issued by April 6, a White House official told CNN. Mnuchin said Wednesday that the administration expects to begin issuing direct payments to taxpayers within three weeks of a stimulus package being signed into law. “Our expectation is within three weeks we will have direct payments out where we have depository information,” Mnuchin said. “We’re looking to get a lot more information and we have procedures to do that.” Mnuchin added that by the end of next week, the administration wants all banks to be able to originate loans on a “same day” basis.
Under previous programs in 2001 and 2008, the government took longer than a month to distribute checks. “It is extremely unlikely that people will get payments by April 6 — just two weeks from now,” said Howard Gleckman, a senior fellow at the Tax Policy Center. “It is more realistic to expect them in a month or two.”