Three government agencies recently provided a status update regarding Economic Impact Payments from the American Rescue Plan, noting nearly 2 million payments in the sixth batch.
The Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service indicated the total disbursed so far amounts to approximately 161 million payments, possessing a total value of more than $379 billion.
Additionally, authorities noted the sixth batch of disbursements includes nearly two million payments valued at nearly $3.4 billion; nearly 700,000 payments, with a value of more than $1.3 billion, went to eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment but who recently filed a tax return; the batch also includes additional ongoing supplemental payments for people who earlier this year received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns.
Officials added the IRS is slated to continue to make weekly Economic Impact Payments, noting ongoing payments will be sent to eligible individuals for whom the IRS previously did not have information to issue a payment but recently filed a tax return.
Those who do not normally file a tax return and don’t receive federal benefits may qualify for Economic Impact Payments, including people experiencing homelessness, the rural poor, and others. Individuals who did not receive a first or second-round Economic Impact Payment or received less than the full amounts may be eligible for the 2020 Recovery Rebate Credit but need to file a 2020 tax return.
The post Agencies provide Economic Impact Payments disbursement update appeared first on Financial Regulation News.