IRS says it has delivered $400B in American Rescue Plan stimulus checks
The IRS says it has now delivered more than $400 billion in American Rescue Plan coronavirus stimulus checks.
The agency said in a Wednesday statement that it’s disbursed more than 171 million payments under President Biden’s $1.9 trillion coronavirus relief package since they began rolling out on March 12.
The checks represent the third round of direct payments to U.S. adults since the pandemic began last year.
Single filers with income less than $75,000 and married couples with income under $150,000 were eligible for $1,400 per person. The payments phased out above those thresholds.
The Treasury Department said late last month that more than half the money has gone to households with income under $50,000 per year.
The IRS said Tuesday that it has distributed 2.2 million payments over the past six weeks, which are valued at $4 billion.
Of the $4 billion, about $2.6 billion went to eligible people for whom the agency did not have information to issue a payment but who recently filed a tax return.
Another $1.6 billion of payments made over the past month went to people who received stimulus payments based on their 2019 return but qualified for a new or larger payment based on their 2020 tax returns.
The IRS said it will continue issuing stimulus payments on a weekly basis to people who recently filed tax returns, as well as to those who qualify for the additional payments based on 2020 returns.