The U.S. has so far issued 90 million stimulus checks worth a combined $ 242 billion as part of President Joe Biden’s $ 1.9 billion bailout plan, according to a report released Wednesday by several government agencies.
The first series of payments were mostly sent by direct deposit, and some recipients began receiving their checks this past weekend, the Department of Treasury and the Revenue Service announced.
The treasury said it also mailed about 150,000 physical checks worth about $ 442 million as part of the first wave of payouts.
The department is conducting the stimulus tests – officially known as economic impact payments – in successive ‘parts’. The announcement Wednesday set out the first such part.
The checks started processing on March 12 and some Americans have already seen the deposits before today’s official payday.
The government added that this first batch of payments was sent primarily to taxpayers who provided direct deposit information on their 2019 or 2020 returns. Additional groups and payments will be sent by direct deposit and email as a check or debit card in the coming weeks, the Treasury Department and the IRS said.
Full payments of $ 1400 are intended for individuals with adjusted gross income up to $ 75,000, heads of households up to $ 112,500 and married couples who have a combined annual income of up to $ 150,000.
Like advance stimulus checks, the value of the checks is lowered for those with an income that is above the thresholds. To make the $ 1.9 billion Covid aid package acceptable to Conservative Democrats, including Senator Joe Manchin, the Senate has lowered the revenue levels on which payments are phased to zero.
But unlike previous economic impact payments, families will receive payment for all their dependents who are claimed on a tax return, not just their qualifying children under 17. Americans can check the status of their third payment through the Get My Payment tool to use.
Biden’s distinctive bill also extends a weekly $ 300 unemployment insurance policy until Sept. 6 and increases the tax credit for a year. It also provides nearly $ 20 billion for the Covid-19 vaccination effort, $ 25 billion for rent and assistance and $ 350 billion for state, local and tribal relief.