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

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

On March 11, 2020The World Health Organization officially declared the Corona situation a pandemic. A little over a year after and The United States remains the worst hit with the total number of reported cases at 30,332,358 and 550,073 deaths related to the virus according to today’s figures. The Covid-19 pandemic also caused extensive job losses, with unemployment peaked at 14.8% in April 2020 Worst month of the crisis. The unemployment figures have since adjusted and are currently 6.2% in March 2021. That got the legislators to work out the first Covid-19 relief law to bring financial aid to Americans who are either struggling to cope or who had lost income due to the pandemic.

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

That CARES law was signed by former President Donald Trump d Friday, March 27, 2020. The CARES Act provided a first round of stimulus payments worth $ 1,200 for each person which complied with a set of conditions, with $ 500 for each eligible breadwinner under 16 years of agewith a maximum of three providers per household.

Payments were made to all those who earned below the income threshold set for Adjusted gross income of $ 75,000 ($ 150,000 for cohabiting couples) with the stimulus check value reduced by $ 5 for every $ 100 in income up to a maximum of $ 99,000 ($ 198,000 for cohabiting couples). The very first stimulus checks were paid into people’s bank accounts on the weekend of April 11th and 12theither via direct payment to individuals’ bank accounts, paper checks sent by post; approximately 4 million payments were issued on a prepaid debit card, the Economic Impact Payment (EIP) card which was sent out at the end of May last year.

Proposal for another bill

In July, negotiations had already begun on a second round of stimulus support; CARES 2-pack was reviewed by the administration and an agreement in principle was reached on the basic points of the package, but it never reached the Senate or was adopted. Nor was it the aforementioned HEROES Acta $ 3 trillion economic stimulus bill that was adopted by Parliament with a vote of 208-199 on 15 May 2020 with further negotiations and modifications drawn out over the next few months before it died a dead end before reaching a Senate vote.

Trump passed the second round of Covid financial assistance in December 2020

The second round of stimulus assistance, a $ 900 billion package which was a part of Act on Supplementary Appropriations for Coronavirus and Emergency Aid from 2021 was signed by Trump on Sunday, December 27, 2020. It provided a one-time payment of up to $ 600with households also able to claim an additional $ 600 for children dependent on ages 16 or under. Those who earned less than $ 75,000 in fiscal year 2019 received the full stimulus check, while a steadily smaller number was given to those with a higher annual income, up to a maximum phasing-out limit of $ 87,000. The first payments, through direct deposit and paper checks with some subsequent payments made by EIP 2 cards, were issued between kl. December 29, 2020 and January 15, 2021.

Those who did not receive a stimulus payment either through the CARES Act or the December Covid-19 Relief Bill can still claim it retroactively when they file their federal tax returns for 2020 through Recovery Discount Credit. This year, the tax deadline for individuals to file and pay most federal income taxes has been extended to Monday, May 17, 2021. Plaintiffs will also be able to claim additional money that the IRS owes from the first round of payments sent out earlier in 2020, as a credit.

Third round of Covid-19 relief: Biden signs US rescue plan in March 2021

The third, most recent round of Covid-19 stimulus came as part of $ 1.9 tn American Rescue Plan Act which was passed by the House of Representatives on February 26 by a vote of 219-212 and then reached straight through the Senate by a vote of 51-50. It was approved on March 10 and went before newly elected President Joe Biden to sign it on March 11th. It promised stimulus checks of up to $ 1,400 for each eligible American. There were some changes – the eligibility requirements were tightened exclude individuals earning over $ 80,000 or couples with a total income of more than $ 160,000. Another eligibility change allowed adult relatives to receive a stimulus check for the first time, meaning millions of college students, elderly relatives and disabled Americans will receive a payment.

The first stimulus payments was issued by direct payment and hit individuals’ back account on Saturday, March 12th. Since the first batch of 90 million payments, the IRS and the Treasury Department have sent another party to about 37 million taxpayers on March 24.

What are the chances of a fourth stimulus check?

Plans for a fourth stimulus check receives support from Congress. A number of Democrats continue to push for a fourth check which will include recurring payments until the pandemic has subsided. Newsweek report it 64 lawmakers call for a fourth stimulus check with recurring checks as a result. Earlier this month, 11 senators, incl Bernie Sanders and Elizabeth Warrenurged Joe Biden to extend unemployment benefits indefinitely on top of another round of checks.

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