Run to the Bank Now: More Stimulus Checks Are Out (And the Bad News...)

Run to the Bank Now: More Stimulus Checks Are Out (And the Bad News...)

While the American Rescue Plan stimulus is wrapping up, the next round of payments, also from the Rescue Plan, is the expanded child tax credit, which will begin rolling out in July.

The IRS has released a new report about its latest round of stimulus checks from the American Rescue Plan, and this round, covering the last two weeks, included 2.3 million new checks that went out to Americans.

That means the total number of checks has now reached 169 million, with a total dollar amount of $395 billion. The amount of money allocated in the Rescue Plan Act was just over $400 million, indicating that the program is close to done handing out funds. The IRS previously released an update every week but has now been releasing it every two weeks as the check distribution winds down.

In the two weeks, ending on June 9, 2.3 million payments were disbursed, with a total value of $4.2 billion. Of the 2.3 million, 900,000, at a value of $1.9 billion, went out to “eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment but who recently filed a tax return.”

This round also included 1.1 million "plus-up" payments, with a value of more than $2.5 billion, the IRS said. The agency added that it will continue to make payments on a weekly basis.

While the American Rescue Plan stimulus is wrapping up, the next round of payments, also from the Rescue Plan, is the expanded child tax credit, which will begin rolling out in July.

Earlier this week, the IRS announced that it was sending out letters explaining how the child tax credits will be distributed. The first of two letters will go to about 36 million families, informing them that they will be eligible. The second letter will include an estimate of each family’s monthly payments that they can expect to receive starting in July.

A pair of online portals, meanwhile, will be set up in early July, which will allow citizens to manage their payments, including choosing to opt for a single payment rather than monthly ones.

Child tax credits notwithstanding, it doesn’t appear likely that a fourth round of stimulus checks will be going out this year. The Biden Administration has not indicated that they are pursuing such a measure, while it’s not part of negotiations between the administration and Congress, who are currently haggling over the shape of a potential infrastructure bill.

“We'll see what members of Congress propose, but those are not free,” White House Press Secretary Jen Psaki said in the White House briefing room earlier this spring when asked about plans for more checks.  ”If passed, the families of tens of millions of children will continue to get regular payments,” Psaki said in the same briefing of the American Families Plan.

Stephen Silver, a technology writer for The National Interest, is a journalist, essayist, and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.

Image: Reuters