Because the United States is experiencing difficulties due to the CCP Virus (Chinese Communist Party Virus), Americans will receive a check for up to $1,200 in the coming weeks, announced Treasury Secretary Steven Mnuchin.
Despite the fact that the economy is struggling as a result of the ravages caused by the CCP Virus, also known as COVID-19, the government is seeking ways to provide citizens with financial assistance to help them amid the national emergency.
According to Vox, the U.S. secretary of the Treasury said in a press conference held Tuesday, March 17, at the White House that the government was looking for a way to send checks to Americans as soon as possible.
“Americans need to get cash now and the president wants to get cash now, and I mean now— in the next two weeks,” Mnuchin said.
Vox said Mnuchin mentioned that President Donald Trump wanted to “go big” and not have to set up several sessions of Congress to be able to effect the additional stimulus measures, so he wanted to pass a law immediately.
Last week President Trump said his administration was looking at ways to implement economic relief that would include loans to small businesses and financial flexibility for average workers.
Mnuchin announced, “We are looking at sending checks to Americans immediately. What we heard from hardworking Americans, many companies are now shut down whether bars or restaurants, Americans need cash now and the president wants to get [them] cash now. I mean now in the next two weeks,” according to ABC News.
According to a Sunday interview on Fox News, Mnuchin said qualified Americans will be able to access checks of up to $1,200 in three weeks.
Mnuchin, who is part of the work team in charge of approving the bill valued at $2 trillion, explained that it is expected that through an online system Americans who are not yet registered will be able to access the economic aid and thus avoid any additional process to have a check.
“We expect that within three weeks that people who have direct deposit information with us will see those direct deposits in their bank accounts,” Mnuchin said.
“And we will create a web-based system for people where we don’t have their direct deposit they can upload it, so that they can get the money immediately as opposed to checks in the mail,” he added.
Financial aid will be restricted for those with an adjusted gross income of more than $75,000 a year; as Fox News notes, the bill reduces the amount by 5% for every dollar over $75,000.
Mnuchin said that by the third quarter of 2020 Americans are expected to see a recovery in the economy with increased levels of production and employment again, although he clarified, “I don’t know what the numbers will be this quarter. What I do believe is that we are going to kill this virus.”
“We’re gonna reopen this economy. And in the third quarter of this year, you’re gonna see this economy bounce back with very large GDP numbers and low unemployment back to where we were beforehand,” Mnuchin added.