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The United States has so far issued 90 million collective $ 242 billion stimulus checks as part of President Joe Biden’s $ 1.9 trillion American Rescue Plan, according to a report released on Wednesday by several government agencies.
The first batch of payments was sent mainly by direct deposit, and some recipients started receiving their checks last weekend, the Treasury Department and the IRS announced.
The Treasury said it also mailed around 150,000 physical checks for about $ 442 million as part of the first wave of disbursements.
The department is distributing stimulus checks – officially known as Economic Impact Payments – in successive tranches. The announcement on Wednesday detailed the first such tranche.
Checks started being processed on March 12 and some Americans already considered deposits pending before today’s official payday.
The government added that this first batch of payments was sent mainly to qualified taxpayers, who provided direct deposit information on their 2019 or 2020 statements. Additional batches and payments will be sent in the coming weeks by direct deposit and by mail as a check or credit card. debit, reported the Treasury Department and the IRS.
Total payments of $ 1,400 are scheduled for individuals with an adjusted gross income of up to $ 75,000, heads of households who earn up to $ 112,500 and couples who file shares together with annual income of up to $ 150,000.
Like previous stimulus checks, the value of checks is reduced for those with income above these limits. To help make Covid’s $ 1.9 trillion aid package palatable to conservative Democrats, including Senator Joe Manchin, the Senate has reduced income levels where payments reach zero.
But, unlike previous economic impact payments, families will receive payment for all their dependents claimed in a tax return, not just their qualified children under the age of 17. Americans can check the status of their third payment using the Get My Payment tool.
The historic Biden bill also extends a $ 300 weekly unemployment benefit increase through September 6 and increases the child tax credit for one year. It also provides nearly $ 20 billion for Covid-19’s vaccination effort, $ 25 billion for public service rentals and assistance, and $ 350 billion for state, local and tribal aid.