(FinancialHealth) – While the House of Representatives passed a bill Monday evening to increase Economic Impact Payments from $600 to $2,000, the bill as written stalled in the Senate. This does not mean a delay in the next round of deposits and checks being issued, but it does confirm the payments will be issued at $600.
Steven Mnuchin, Treasury Secretary, indicated some may see payments via direct deposit as early as this evening (Tuesday, December 29th), while paper checks will start to go out on Wednesday. The treasury expects to continue direct deposits to anyone who already has their information set up with the IRS throughout the next week.
.@USTreasury has delivered a payment file to the @FederalReserve for Americans’ Economic Impact Payments. These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week (1/2)
— Steven Mnuchin (@stevenmnuchin1) December 29, 2020
The IRS expects people to be able to track the status of their payments via their online tool by the end of this week.
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