Official sources have reported that about $242 billion in stimulus checks have already been paid out for this round. This accounts for approximately 90 million payments. The Treasury Department and Internal Revenue Service made the statement.
If the count stands correct, more than fifty percent of the qualified families have received this round’s stimulus checks. The criteria for qualification had been extended in the recent covid bill worth $1.9 trillion. It has not been a week since President Biden signed it into law.
How To Receive The Stimulus Checks
Most of the first payments were paid by direct deposit. All those who have received them are expected to be able to access them on Wednesday. About a quarter of a million paper stimulus checks have been sent as mail as well. Further batches will be given out via the two processes as well as prepaid debit cards.
There are no extra procedures involved in accessing the money for the majority. Beneficiaries of Social Security or Veteran Affairs are expected to automatically receive the money as well, regardless of taxes filed. The online tool Get My Payment by the IRS can be used to check where the payment is.
White House estimates that 85% of American households will receive a maximum amount of $1400. Each dependent will qualify the family for another $1400 per. The maximum amount is only for singles earning below $75000 and for couples earning below $150000. This round has been narrowed in some cases.
The most recent tax return is taken into account for the income. In the previous rounds of stimulus checks, many people had been skipped. Most of them had incomes that did not require the filing of tax. It is highly suggested that everyone should file their tax returns to ensure the proper payment.
