Treasury Has Sent $325 Billion in Household Stimulus Payments
(Bloomberg) -- The Treasury Department and Internal Revenue Service have so far sent about 127 million stimulus payments worth around $325 billion, according to the federal government.
The second batch of payments includes about 37 million checks worth about $83 billion, the Treasury Department said in a statement Wednesday. That follows the IRS’s announcement last week that it had sent 90 million payments worth $242 billion in the first wave, bringing the total processed to about 79% of the more than $410 billion approved by Congress earlier this month.
Some of the payments are in the form of paper checks and prepaid debit cards that are being sent by mail over the next few weeks, Treasury said.
The IRS has yet to send the payments to Social Security, federal disability or other government benefit program recipients. House Democrats have pushed the IRS and Social Security Administration to quickly process those transfers.
Individuals earning up to $75,000 or couples making less than $150,000 qualify for $1,400 payments for themselves and each adult or child dependent. The payments phase out as income rises, with singles making $80,000 or couples earning $160,000 not qualifying for any aid.
The IRS has an online tool for recipients to check the status of their payments.
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