Congress and President Donald Trump enacted the stimulus bill last week to address the dramatic economic crisis caused by the coronavirus pandemic. Included are direct payments to many Americans, an unprecedented expansion in unemployment benefits and $350 billion in small business loans.
Mnuchin told reporters at the White House that there will be a web-based application for those who don’t receive direct deposit.
He also had a message for small businesses: “Go back and hire your workers because the government is paying you to do that.”
Mnuchin noted that his “number one objective is now delivering to the American workers and American companies the needed money that will put this economy in a position where it get through the next eight to 10 weeks.”
Under the stimulus, individuals will receive up to $1,200 and couples will receive up to $2,400 — plus $500 per child. But the payments start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount is then reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. The income thresholds are doubled for couples.