Call the Bank: Billions of Dollars in Stimulus Checks Just Went Out

Stimulus Check Drop

Call the Bank: Billions of Dollars in Stimulus Checks Just Went Out

The Internal Revenue Service and the Treasury Department have confirmed in their latest press release that 1.1 million more $1,400 coronavirus stimulus checks worth $2 billion have been issued as part of the eighth batch of payments under the American Rescue Plan.

The Internal Revenue Service and the Treasury Department have confirmed in their latest press release that 1.1 million more $1,400 coronavirus stimulus checks worth $2 billion have been issued as part of the eighth batch of payments under the American Rescue Plan.

With this newest batch, the total number sent out to date is now approximately one hundred sixty-four million, with a value of about $386 billion. The figures now represent more than 85 percent of the $450 billion total earmarked for stimulus funds.

As for when one can expect to receive the funds, know that the eighth batch began processing on April 30 with an official payment date of May 5. The release further revealed that out of the 1.1 million payments, roughly six hundred thousand were disbursed via direct deposits and about five hundred thousand as paper checks or prepaid debit cards.

A large portion of the new payments, numbering nearly six hundred thousand, were sent to recent tax filers who previously did not have the necessary information on file at the IRS.

Take note that for weeks, the federal government has been urging Americans who do not receive federal benefits or typically file tax returns to submit one as soon as possible in order to provide their payment information to receive the stimulus check.

There is also more great news for those who have been patiently waiting for “plus-up” or supplemental checks, as the eighth batch included more than five hundred seventy thousand of them.

According to the IRS, these payments are “for people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns. … These ‘plus-up’ payments could include a situation where a person’s income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations.”

The agency will ultimately disburse about $1.2 billion worth of “plus-up” payments to Americans in the coming weeks. 

Once again, the IRS has reminded U.S. taxpayers that the income levels for this third round of Economic Impact Payments have somewhat changed—meaning that some individuals will not be eligible for the payment even if they received a first or second stimulus check without any issues.

According to President Joe Biden’s $1.9 trillion legislation, those who earn as much as $75,000 in adjusted gross income, or couples making $150,000—in addition to their children or adult dependents—qualify for the full $1,400 per person.

But be aware that the payments phase out much more quickly than in previous rounds—an individual with an income of $80,000, or a couple with $160,000, will not receive a check this time around.

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.