OVER A MILLION PAYMENTS MADE

Over a million payments made. The Internal Revenue Service stated that under the American Rescue Plan, over one million payments have been made, for a total of nearly 164 million payments. This was due to the Covid-19 pandemic and the economic fallout from a massive health crisis that started in January of 2020. In the eighth batch of payments, which totaled 1.1 million payments, the IRS, U.S. Treasury Department, and the Bureau of the Fiscal Service announced they were distributing the payments called the Economic Impact Payments from the American Rescue Plan. The BIden Administration had pushed for the payments in an effort to revive a lackluster economy. Over a million payments made.

The announcement brings the total disbursed to approximately 164 million payments, with a total value of approximately $368 billion, since these payments began rolling out to the American public in checks and debit cards. In total, this batch includes more than 1.1 million payments with a value of more than $2 billion. More than 585,000 payments, with a value of $1.2 billion, went to eligible individuals for whom the IRS did not have information to issue an Economic Impact Payment but who recently filed a tax return. This batch also includes additional ongoing supplemental payments for people who earlier this year received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax return. This batch included more than 570,000 of these “plus up” payments with a value of nearly $1 billion.

Overall, this eighth batch of payments contains about 600,000 direct deposit payments with a total value of $1.1 billion with the remainder on paper payments. The IRS will continue to make economic impact payments on a weekly basis. Ongoing payments will be sent to eligible individual for whom the IRS previously did not have information to issue a payment but who recently filed a return, as well to people who qualify for “plus up” payments.