BUFFALO, N.Y. (WBEN) – If the House passes the $2.2 trillion emergency relief bill that was approved by the Senate on Wednesday, you will likely see $1,200 added to your bank account from the federal government.
Treasury Secretary Steve Mnuchin said on Thursday that you will likely receive the relief check within three weeks.
"Most of these will be direct deposit," Mnuchin told CNBC . "It will be within three weeks. We are determined to get money into people's pockets immediately."
Any adult making less than $75,000 will receive $1,200 directly deposited into their account. Married couples making less than $150,000 will receive $2,400. The funds received by the federal government begin to phase out for those making more than the aforementioned numbers.
There is also an additional $500 that will be added for each child in a household.
The relief checks will be determined based on the latest tax returns, which for most Americans is the 2018 tax return.
Even though Mnuchin is aiming for three weeks to get the money into your accounts, the bill said it could end up in your account as late as July 31.
He does not recommend anyone on a low-income to invest in the stock market. If you're not sure what to do or if you have a disagreement with your family on how to spend the money, he advises reaching out to a professional like an accountant, tax preparer, or financial adviser.
"Know your client," he said. "It's tough to give an exact or blanket advice to someone without knowing literally what their needs are first and then their wants. If one person is saying spend it and the other person is saying save it, generally, you lean to the saver. Better to be safe than sorry at that point."
He largely said the bill is benefiting individuals.
"My husband is still working but we are still struggling because we have five kids at home," another woman who is currently out of work because of the pandemic said. "It is definitely going to be a huge help for us to pay bills and get groceries."
"The bills don't stop coming," one man said. "Just because they're closing the businesses doesn't mean the electric bill and gas bill don't stop coming. I imagine it's going to help a lot of people who haven't been working the last couple of weeks."
According to the Washington Post, the money is not taxable, though they note that if you go above the threshold for receiving funds in your 2020 tax returns, you may have to pay some of the money back.
A vote on the bill is expected Friday.
