The United States has so far issued $ 902 billion worth of stimulus checks as part of President Joe Biden’s landmark $ 1.9 trillion US rescue planaccording to a report released Wednesday by several government agencies.
The first batch of payments was mostly sent by direct deposit, and some recipients began receiving their checks last weekend, the Treasury Department and the Treasury announced.
The Treasury said it also sent about 150,000 physical checks worth about $ 442 million as part of the first wave of disbursements.
The department rolls out stimulus checks – officially known as Economic Impact Payments – in successive “tranches”. The announcement Wednesday detailed the first such tranche.
The check began processing on March 12, and some Americans have already seen the deposits as pending prior to today’s official payment day.
The government added that this first batch of payments was primarily sent to eligible taxpayers, who provided direct deposit information on their 2019 or 2020 returns. Additional lots and payments will be sent in the coming weeks by direct deposit and by mail as a check or debit card, the Treasury Department and the IRS said.
Full payment of $ 1,400 is intended to go to individuals with adjusted gross income of up to $ 75,000, heads of household earning up to $ 112,500, and married couples applying along with an annual income of up to $ 150,000.
Like previous stimulus checks, the value of the checks is reduced for those with income above these thresholds. To help make the $ 1.9 trillion Covid aid package tasty for Conservative Democrats, including Senator Joe Manchin, Senate lowered the income level at which the payments be phased to zero.
However, unlike previous financial impact payments, families will receive payment for all of their relatives required on a tax return, not just their eligible children under 17. Americans can check the status of their third payment by using Get my payment tool.
The bid’s landmark bill also extends a $ 300 weekly unemployment insurance increase until Sept. 6 and increases the child tax deduction by one year. It also provides nearly $ 20 billion for Covid-19 vaccination efforts, $ 25 billion for rental and utilities, and $ 350 billion for state, local, and tribal aid.