WASHINGTON - Treasury Secretary Steven Mnuchin said in a Sunday morning interview that qualifying Americans can expect to see their $1,200 checks deposited into their accounts "within three weeks."
Mnuchin, who played a lead role in the $2 trillion bill’s passage, told CBS’ "Face the Nation," that there will be an online system created so Americans who are not signed up, can do so and skip waiting for a physical 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," he 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."
Individuals are eligible for payments up to $1,200, but that decreases for those who earn an adjusted gross income of more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000.
Mnuchin told "Fox News Sunday" that he believes that by the third quarter of 2020, Americans will see an economic recovery with production and employment levels back up.
"I don’t know what the numbers are gonna be this quarter. What I do think is, we are gonna kill this virus," Mnuchin said. "We’re gonna re-open 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."