William Thomas Cain | fake images
So far, the United States has issued 90 million stimulus checks worth a collective $ 242 billion as part of President Joe Biden’s historic $ 1.9 trillion American Rescue Plan, according to a report released Wednesday by various agencies. governmental.
The first batch of payments was sent primarily by direct deposit, and some recipients began receiving their checks last weekend, the Treasury Department and the Internal Revenue Service announced.
The Treasury said it also mailed about 150,000 physical checks worth about $ 442 million as part of the first wave of disbursements.
The department is implementing stimulus controls, officially known as Economic Impact Payments, in successive “tranches.” Wednesday’s announcement detailed the first tranche of its kind.
Checks began processing on March 12, and some Americans have already viewed deposits as pending before today’s official payday.
The government added that this first batch of payments was sent primarily to eligible taxpayers who provided direct deposit information on their 2019 or 2020 returns. Additional batches and payments will be sent via direct deposit and by mail such as check or credit card in the coming weeks. debit, the Treasury Department and the IRS said.
Full payments of $ 1,400 are scheduled for individuals with adjusted gross income up to $ 75,000, heads of household earning up to $ 112,500, and married couples filing jointly with annual income up to $ 150,000.
Like previous stimulus checks, the value of checks is reduced for those with income above those thresholds. To help make Covid’s $ 1.9 trillion aid package acceptable to conservative Democrats, including Senator Joe Manchin, the Senate lowered the income levels where payments are staggered to zero.
But unlike the financial impact payments above, families will receive payment for all their dependents claimed on a tax return, not just their qualifying children under 17. Americans can check the status of their third payment using the Get My Payment tool.
Biden’s landmark bill also extends a $ 300 weekly unemployment insurance increase through Sept. 6 and increases the child tax credit for one year. It also provides nearly $ 20 billion in the Covid-19 vaccination effort, $ 25 billion in rental and utility assistance, and $ 350 billion in state, local, and tribal aid.