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Saturday, October 16, 2021

Stimulus Check Update: $15 Billion Have Been Spent Already

Last Thursday saw the government transfer the first of several massive sums of stimulus check money from one coffer to the American citizens. The current stimulus payments under the IRS- which pays around $300 per child- have already been sent to those families that qualify under the expansion of the federal child tax credit. The tax agencies themselves have already put out some major updates regarding how much money needs to be sent out as well as who receives it in the first place. 

With that in mind, this new wave of stimulus check payments has a sum total of $15 billion- of which around 86% have been provided to recipients through electronic medium. This has been further perpetuated through a direct deposit payment. This entails that, among other things, those who haven’t yet received the payment– or haven’t deemed eligible to receive the checks will have to wait for quite some time.

More IRS Stimulus Check Payments Coming Soon 

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Keeping everything aside, around 35 million American families have already received the first of what seems to be a series of six stimulus check payments. There will be one every single month- starting from December. The IRS has also gone ahead and put up very important details that have information regarding the first wave-

  1. The payments made through direct deposit would be sitting in the bank accounts of those who have been deemed eligible. Those who will be receiving the payment through paper checks would need some more time for it to come through the mail. 
  2. The stimulus check payments have been specially made to those who have filed their tax returns for 2019 or 2020. 

The stimulus payments under the IRS are quite automatic. Most of the taxpayers don’t really have to fret about it if they are eligible for these payments. 

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