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Saturday, May 15, 2021

Stimulus Check: The Veterans Have Finally Got Theirs Worth Up To $1,400

Another 2M Economic Impact Payments are on their way and if you are a veteran you should be getting your stimulus check soon. This is part of the fifth round of the economic impact payments as part of the American Rescue plan. Around 320,000 stimulus payments went out to people under the Department of Veteran Affairs.

They include those receiving VA pensions or receiving compensation for entitled veterans. It also includes spouses or close relatives in many cases.

Delay In Getting Details Held Up The Stimulus Check

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Many veterans like Social Security beneficiaries do not normally file returns. This is one reason the IRS did not have their banking details. This stood in the way of sending out direct bank deposits to such veterans.

The IRS received data from the Veteran Affairs before it could process the stimulus checks for the veterans.

The payments to the veterans are part of the above $3.4B being processed as part of the impact payments. It started processing such payments last week and should they reach the beneficiaries by Wednesday. 

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There are checks also for plus-up payments and to Social Security beneficiaries. The IRS did not have the records of as many as 850,000 of the total payments that went out in the fifth round until they recently filed their returns. A further 72,000 payments were payments under the  Social Security schemes. Such people did not file returns in the past two years. There were nearly 800,000 paper checks and another 1.2M direct deposit payments this week alone.

There were plus-up payments also to above 700,000 people who got their initial stimulus check. But a revision of their account after they filed their tax returns for 2020 qualified them for more payment.

The total amount paid out as part of the third stimulus check now stands at $376B after the latest round. There have been around 159M beneficiaries in all after the $1.9T package bill was signed into law by President Biden.

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