THE Treasury is sending out four million prepaid debit cards loaded with coronavirus stimulus cash this week. The Economic Impact Payments card will be sent out as a replacement for the paper government checks. The Visa card will allow Americans to make purchases, both in store and online, withdraw cash from ATM’s and transfer funds […]
THE Treasury is sending out four million prepaid debit cards loaded with coronavirus stimulus cash this week.
The Economic Impact Payments card will be sent out as a replacement for the paper government checks.
The Visa card will allow Americans to make purchases, both in store and online, withdraw cash from ATM’s and transfer funds to their personal bank account.
It will also give users protection from fraud and loss.
“Treasury and the IRS have been working with unprecedented speed to issue Economic Impact Payments to American families.
“Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly,” said Secretary Steve Mnuchin.
“Recipients can immediately activate and use the cards safely.”
The Treasury’s financial agent, MetaBank, is set to mail the EIP cards at the beginning of this week.
The cards come as part of the government’s coronavirus aid, which has exceeded $239billion.
Also on Monday, it was announced that the White House is looking into offering $5,000 pandemic stimulus checks in exchange for a delay in Social Security benefits, according to a report.
The policy proposal – called the “Eagle Plan” – would allow workers to take some Social Security benefits early and have future payments reduced.
Senior economic officials at the White House are researching a conservative scholar-backed stimulus measure, according to The Washington Post.
Backed by the American Enterprise Institute and Hoover Institution and written by Andrew Biggs and Joshua Rauh, the 29-page plan calls for an overhaul of federal retirement programs.
The overhaul would be in exchange for direct cash payments to some workers, the Post reported.
The White House has reportedly already rejected the plan discussed by the senior administration officials.
“President Trump has been clear that while he is in office, the American people can feel secure without a shadow of a doubt that he will completely protect Social Security and Medicare — end of story, full stop,” a spokesperson told the Post.
