The IRS has sent out stimulus checks for the covid to over 25 million US citizens in the current batch of payments. This is the fourth round of mailing by the IRS. The report was presented on the current status of the Biden’s Rescue Plan on Wednesday.
The Tally For Stimulus Checks
With the current batch, the total number of payments disturbed for the third round of stimulus checks now stands at over 156 million. The total cost stands at nearly $372B. The checks, which are worth a maximum of $1400 per person, were mostly paid out via paper checks and direct deposit.
The fourth round of payments started being processed on Friday. The official date for payment was 7th April. The IRS stated that some individuals may have received the direct payments earlier in the form of pending or provisional deposits.
Direct deposits accounted for almost 24 million stimulus checks, valued at a total of more than $33B. Paper checks number over 1 million were also mailed which accounted for almost $3B in value.
The biggest chunk of the stimulus checks went towards the beneficiaries of Social Security who had not filed a 2019 or 2020 tax return or used the IRS tool for Non-Filers in the previous year. Payments for these beneficiaries numbered over 19 million with a total value of over $26B. The IRS says these included disability, survivor, and retirement beneficiaries.
SSI beneficiaries received over 3 million of the payments with a total value of almost $5B. RRB beneficiaries received about 85000 stimulus checks with a total value of over $119M. Veteran Affairs beneficiaries are expected to receive their payments on 14th April as most of the payments are to be made electronically.
The fourth round of stimulus checks also includes over 1 million “plus-up” amounts with a total value of over $2B.