$242B payout in stimulus so far
Check your bank account: Your stimulus check may have arrived.
The Internal Revenue Service said approximately 90 million direct payments under President Biden’s “American Rescue Plan” had been disbursed as of Wednesday, totaling more than $242 billion.
The latest batch of direct payments — most people will receive $1,400 — started processing last Friday after Biden signed his $1.9 trillion coronavirus relief package into law.
Of the 90 million payments sent out already, most were direct deposits into people’s bank accounts, the IRS said in a statement.
The Treasury has also mailed roughly 150,000 checks totaling approximately $442 million.
Additional batches will be sent in coming weeks by direct deposits, or by mail in the form of a check or debit card.
The third round of coronavirus stimulus payments breaks down to $1,400 per person for individuals earning less than $75,000, heads of households earning less than $112,500 and married couples earning less than $150,000. Phase-outs begin after that, cutting off completely at $80,000 for individuals, $120,000 for heads of households and $160,000 for couples. A qualifying family of four could receive up to $5,600.
Officials have said that in the interest of speeding up the relief payments, the IRS will use the latest tax return available. That’s either the 2019 return filed last year or the 2020 return traditionally due by April 15, but that reportedly might be delayed for the second year amid the ongoing pandemic.
After the pandemic led millions of people to lose their jobs or work reduced hours, officials said the IRS will also adjust the size of the new impact payments after a person’s 2020 return has been filed, and will provide a supplemental payment if that is called for. Officials said those adjustments will be made automatically by the IRS for people who have already filed their 2020 returns.
Biden, his wife, and Vice President Kamala Harris and her husband are traveling the country to promote the American Rescue Plan.
First lady Jill Biden brought the “Help Is Here” tour to New Hampshire on Wednesday, where she visited the Christa McAuliffe School in Concord in her first stop in the swing state since the 2020 election.
“This money is going to be the difference between putting food on the table and going hungry. For many it’s going to allow them to maybe fix that appliance that’s been broken or get new tires for their car,” Biden said. “It’s a chance to take a breath again. And when we have families stop holding their breath about paying their bills, they can shop at local businesses and restaurants.” Check your stimulus payment status through the “Get My Payment” tool on IRS.gov.