How many incentive checks have there been so far and when were they paid? – Community News
Stimulus Check

How many incentive checks have there been so far and when were they paid?

on March 11, 2020, the World Health Organization has officially declared the situation surrounding the coronavirus a pandemic. A little over a year later and the United States remains the hardest hit with the total number of reported cases at 30,332,358 and 550,073 killed linked to the virus, according to today’s figures. The Covid-19 pandemic also caused massive job losses, with: unemployment peaked at 14.8% in April 2020 – the worst month of the crisis. Unemployment rates have since recovered and are currently on the rise 6.2% from March 2021. That prompted lawmakers to draft the first Covid-19 Relief Bill to provide economic aid to Americans who are either struggling to make ends meet or who have lost revenue due to the pandemic.

First Covid-19 relief bill signed by Trump in March 2020

The CARES law was signed into law by former President Donald Trump on Friday, March 27, 2020. The CARES Act triggered a first round of incentive payments worth $1,200 for each individual which met a number of conditions, with $500 for each eligible person under the age of 16, with a maximum of three dependents per household.

The benefits were paid to everyone who earned below the income limit, which was set at Adjusted gross income of $75,000 ($150,000 for married couples filing jointly) where the stimulus check value is reduced by $5 for every $100 in income up to a maximum of $99,000 ($198,000 for married couples filing jointly). The very first incentive checks were deposited into people’s bank accounts over the weekend of April 11 and 12, either by direct deposit into the bank accounts of individuals or by paper checks sent by post; approximately 4 million payments were made on a prepaid debit card, the Payment card with economic impact (EIP) that were sent at the end of May last year.

Proposals for a second bill

In July, talks had already started for a second round of stimulus; the CARES 2 package was reviewed by the administration and an agreement in principle was reached on the basis points outlined in the package, but it never made it to the Senate or passed. also not the suggested HEROES Act, a $3 trillion economic stimulus bill that passed by the House by a vote of 208-199 on May 15, 2020 with further negotiations and changes being delayed for months to come before dying a death before reaching a Senate vote.

Trump passes second round of economic aid for Covid in December 2020

The second round of stimulus aid, a $900 Billion Package which was part of the Coronavirus Response and Relief Additional Appropriations Act of 2021 was signed by Trump on Sunday, December 27, 2020. It resulted in a one-time payment of up to $600, whereby households can also claim an additional $600 for dependent children 16 years of age or younger. Those earning less than $75,000 in fiscal year 2019 received full stimulus control, while a progressively smaller amount was given to those with higher annual incomes, up to a maximum phase-out cap of $87,000. The first payments, via direct deposit and paper checks, with some later payments by EIP 2 cards, were issued between December 29, 2020 and January 15, 2021.

Those who have not received a stimulus payment, either through the CARES Act or the December Covid-19 Relief Account, can still claim it retroactively when filing their 2020 federal tax returns through the Recovery Rebate Credit. This year, the tax deadline for individuals to file and pay most federal income taxes has been extended to Monday, May 17, 2021. Claimants can also claim additional money owed by the IRS from the first round of payments sent earlier in 2020 as credit .

The third round of Covid-19 aid: Biden signs US bailout plan in March 2021

The third, most recent round of Covid-19 incentives came as part of the… US $1.9 trillion bailout law which was passed by the House of Representatives on Feb. 26 by a vote of 219-212 and then just passed the Senate by 51-50 votes. It was approved on March 10 and passed for recently elected President Joe Biden to sign it on March 11. It promised stimulus checks up to $1,400 for each eligible American. There were some changes – the eligibility requirements were tightened to excludes individuals earning more than $80,000 or couples with a combined income greater than $160,000. Another eligibility change was that adult dependents could get an incentive check for the first time, meaning millions of college students, elderly relatives and disabled Americans will get a payment.

The first incentive payments were issued by direct deposit and stored in the accounts of individuals Saturday March 12. Since the first batch of 90 million payments, the IRS and the Treasury have sent a second batch to about 37 million taxpayers on March 24.

What is the probability of a fourth stimulus check?

Planning for a fourth stimulus check receive support from Congress. A number of Democrats continue to push for a fourth check, including: recurring payments until the pandemic subsides. news week report that 64 lawmakers push for a fourth stimulus check with recurring checks to follow. Earlier this month, 11 senators, including Bernie Sanders and Elizabeth Warren, Joe Biden called for an indefinite extension of unemployment benefits on top of another round of checks.

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