World News – US – $ 600 Pandemic Aid Payments Sent to Bank Accounts

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The Internal Revenue Service began sending $ 600 stimulus payments to eligible Americans’ bank accounts Tuesday night and will continue processing the transfers through next week, according to the agency.

The IRS and Finance Department begins sending out checks Wednesday. The $ 600 payments go to many low and middle income adults. Dependent children under the age of 16 in these households are also entitled to $ 600 each.

« These payments can be received by direct deposit in some accounts tonight, » Treasury Secretary Steven Mnuchin wrote on Twitter on Tuesday.

« The IRS stresses that eligible persons do not need to take any action to receive this second payment, » the IRS said in a statement Tuesday evening. “Some Americans may view the direct deposit payments as pending or provisional payments in their accounts prior to the official January payment date. 4, 2021. ”

The IRS begins sending payments two days after President Donald Trump signs the $ 2. 3 trillion government funding and coronavirus aid packages added to law. The relief efforts include a second round of direct payments in an attempt to bolster consumer spending and disposable income, which have been falling in recent weeks due to rising Covid-19 cases, hospitalizations and deaths, and new city and state restrictions.

Most people are paid by direct deposit, but some receive a check or prepaid debit card. Social Security, Veterans Affairs, and Railroad Pensioners who received their first-round payments on Direct Express Benefit Cards will also receive them this time.

People who are up to 75. Earn $ 000, get $ 600. Married couples who together have less than 150. Earn $ 000, get 1. $ 200 plus an additional $ 600 for each dependent child. These amounts would be reduced by $ 5 for every $ 100 earned above the income threshold, which means that those who work as an individual would earn more than 87. 000 USD or as a pair 174. Earn $ 000, get nothing.

If the Internal Revenue Service issues more people than they are supposed to receive, they don’t have to repay the excess. The government is not allowed to reclaim payments to repay federal or state debt, and banks are prohibited from garnishing them.

Individuals who do not receive full payment can claim the additional amount on the tax returns they file this spring.

The House passed a bill on Monday that would limit payments to Jan.. To increase $ 000. This was proposed by Trump after Congress passed the Economic Facilitation Act. Republicans blocked a motion to examine the bill in the Senate Tuesday, blocking the legislation. However, if the higher payment amount is approved, the IRS said it would send a separate payment to replenish the initial transfer « ASAP. ”

Steven Mnuchin, United States Department of the Treasury, Donald Trump, Check, Internal Revenue Service, Stimulus

World News – US – $ 600 Pandemic Aid Payments Sent to Bank Accounts

Ref: https://www.bloomberg.com

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