More than $1.4 billion has been issued in Economic Impact Payments in Arkansas as of April 17.
The U.S. Treasury Department and the Internal Revenue Service (IRS) announced that a total of 778,710 Economic Impact Payments have been made in Arkansas for a total of $1,484,876,413.
These payments, also known as economic stimulus payments, were created by the Coronavirus Aid Relief and Economic Security (CARES) Act and are automatic for most taxpayers. To be eligible for the payments, an individual must be a U.S. citizen or qualifying resident alien, cannot be claimed as a dependent on someone else’s tax return, have a Social Security number that is valid for unemployment, and have adjusted gross income below an amount based on your filing status.
The IRS has issued 88.1 million payments to U.S. taxpayers as of April 17. Approximately $158 billion has been disbursed in the first three weeks of the program.
“The IRS, Treasury and partner agencies are working non-stop to get these payments out in record time to Americans who need them,” IRS Commissioner Chuck Rettig said in a statement. “Tens of millions of people across the country are receiving these payments, and millions more are on the way. We encourage people to visit IRS.gov for the latest information, FAQs and updates on the payments.”
According to an IRS release, payments are automatic for individuals who filed a tax return in 2018 or 2019 or individuals who receive Social Security, survivor or disability benefits (SSDI), or Railroad Retirement benefits. In addition, individuals who receive Supplemental Security Income (SSI) and Veterans Affairs benefits who did not file taxes in the last two years will also automatically receive payments.
The total amount disbursed in the program is $157,969,767,489. California had the largest sum of payments disbursed with $15,894,426,934, followed by Texas with $14,398,065,881.