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Monday, August 15, 2022

2.2 Million Stimulus Checks Issued By The Federal Government

The total amount of Stimulus checks distributed by the government amounted to 171 million as 2.2 million were announced, additionally, by the Federal Government, in the last six weeks.

The Tax department in tandem with the Treasury and Fiscal Bureau announced that the latest 2.2 Million checks cost more than $4 billion. 

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1.3 Million were to receive some payment after they filed their tax returns for the year. The total amount was estimated to be around $2.6 billion. These were verified by the IRS. The Treasury and the Fiscal Bureau also assisted the IRS in doing so. Some people were also entitled to receive larger amounts of payments as per their tax returns. Their 2019 earning were higher than the ones in 2020. These people received a “plus-up” payment and around 900,000 in number. The total amount of such payments would aggregate up to $1.6 billion.

The third batch of stimulus checks began on 12th March and accounts for $400 billion. 

The Latest Stimulus Check To Be Circulated

The newest payment was allotted as per the Rescue Plan. It assigned $1,400 for every American and $1,400 for every dependent member in the family. This was available for the families who were qualified for such payments and reached the required thresholds.

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The tax department has promised to keep the stimulus checks ongoing on a week-to-week basis. The third wave of stimulus checks is scheduled to reach the citizens in some time and are estimated to be around $10 billion. 2 million Americans are expected to get paper checks while the remaining are expected to get their amounts via a direct deposit. The citizens can also check on their stimulus checks on the tax site, under the tab of My Payment.

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