Approximately 90 million Economic Impact Payments have been disbursed across the United States, as of this week.
The U.S. Treasury Department began issuing stimulus payments, part of the American Rescue Plan signed into law by President Joe Biden, on March 12. Biden signed the bill on March 11.
This first round of stimulus payments was issued via direct deposit to individuals who provided direct deposit information on their 2019 or 2020 tax returns. The round totals roughly $242 billion.
Paper checks were also issued during this time period, totaling approximately $442 million.
Under the American Rescue Plan, stimulus checks of $1,400 are distributed to eligible individuals or $2,800 per eligible married couples with $1,400 per qualifying dependent.
To qualify for the full stimulus payments, individuals’ income cannot exceed $75,000. Individuals filing as the head of household cannot exceed $112,500, and joint filers cannot exceed $150,000.
The credit phases out between $75,000 and $80,000 for individual filers, between $150,000 and $160,000 for joint filers and between $112,500 and $120,000 for head of householder filers.
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