Topline
More than half of the estimated 160 million stimulus checks authorized by the latest round of Covid-19 relief have been delivered by the Internal Revenue Service, with millions more set to arrive in the coming weeks. Here's how to check on your payment's latest status if you haven't received it yet.
Key Facts
The first batch of $1,400 electronic impact payments, representing roughly 90 million stimulus checks and totaling some $242 billion, has been delivered to bank accounts, the Independent Community Bankers of America and IRS said Wednesday.
In addition to Wednesday's deposits, the IRS has mailed out about 150,000 paper checks that can be cashed as early as Friday, the Washington Po
Wednesday marks the payment date authorized by the IRS for release of those payments, but the agency says additional checks will be sent out in the coming weeks, with a vast majority coming via direct deposit, while the remaining payments get mailed as a check or debit card.
The stimulus package signed into law by President Joe Biden on March 11 reserved about $400 billion for direct checks to individuals, meaning some $160 billion is still on its way to the roughly 50 million Americans.
The IRS–which has faced criticism for not authorizing payments earlier–is still urging eligible individuals who have yet to receive payments to check the status of their stimulus checks using the agency's Get My Payment tool, which relaunched Monday.
The IRS says most eligible people will receive their stimulus check without any additional action, which should be noted on the tracking tool if required; those who didn't file a tax return but do receive Social Security or Veterans Affairs benefits should automatically be sent their check.
Key Background
The third round of economic impact payments is larger than the last two, but the income levels in the latest round have changed, making some Americans who qualified for checks in the first two rounds of relief ineligible. Individuals earning less than $75,000 per year will receive the full $1,400 payment, as will heads of households earning less than $112,500 per year and couples filing jointly earning less than $150,000. However, individuals making $80,000 or more, and couples earning at least $160,000 will receive no stimulus check under the new package, down from $100,000 and $200,000, respectively, in the previous rounds of relief. The new restrictions mean about 17 million fewer Americans are receiving payments this round.
Tangent
In its Wednesday announcement, the ICBA noted that Maryland Gov. Larry Hogan (R) issued an emergency order barring stimulus checks from being used as garnishment, which the organization notes could "potentially [set] off a patchwork of state garnishment protections." Research has found that millions of Americans' stimulus payments could be subject to debt collection.
Big Number
100 million. That’s how many stimulus checks Biden says he wants the IRS to deliver by March 25.
Further Reading
In Switcheroo, IRS To Deliver Full Stimulus Payments To Those With Federal Tax Debts (Forbes)
Stimulus Checks Are Coming To Big Banks On Wednesday At 9:00 AM (Forbes)
Biden Gears Up For New Tax Hikes To Pay For More Stimulus—Here's What We Know (Forbes)
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90 Million Stimulus Checks Worth $242 Billion Have Been Delivered–Here’s How To Check If You Haven’t Gotten One - Forbes
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