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Thursday, June 23, 2022

Stimulus Check Update- Effect Of The Payments

It has been quite well documented that when the country started to witness economic depression during the pandemic, stimulus check payments began the restoration process. Within weeks, Congress had passed a massive package that was aimed at emergency aid. In that legislation, these economic impact payment checks had an amount of $1,200 per adult that was declared eligible.

As of now, Congress has issued three different rounds of such economic impact payment checks- which include additional payments of around $600 and $1,400 per person in 2021- which have been referred to as stimulus payments by Americans. 

Stimulus Check Update- What Has It Led To?

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Although the federal government has definitely issued stimulus check payments earlier, the scope and size of the payments issued under the pandemic were quite different. Howard Gleckman, a senior fellow at the Urban Brookings Tax Policy Center mentioned that the three EIC payments were definitely far bigger than what the government had issued before. With every single stimulus payment, the Department of Treasury, as well as the IRS, started getting faster at issuing the money.

In the first couple of weeks of the first stimulus check program in 2020, the IRS had managed to issue around 89.5 million payments. When the third stimulus payment was passed by Congress on the 11th of March, 2021, the IRS went on to announce that it had issued around 90 million payments. Gleckman mentioned that it was natural that the IRS would be getting credit. They definitely did an extraordinary job in getting the payments out in extremely difficult situations. 

It should not be forgotten that the IRS did meet with some glitches in the beginning. A lot of the initial stimulus check payments were issued to deceased Americans.

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