More than 130 million stimulus payments – worth about $335 billion – have been distributed in March, according to the Internal Revenue Service and the U.S. Department of the Treasury.
The $1,400 Economic Impact Payments were part of President Joe Biden’s $1.9 trillion American Rescue Plan designed to bolster the economy during the coronavirus pandemic. The IRS began sending out a third batch of payments on Friday, March 26 with an official payment date of March 31, with some people receiving direct payments in their accounts earlier as provisional or pending deposits.
Also included in the latest batch are supplemental payments for people who earlier in March received stimulus checks based on their 2019 tax returns but are eligible for a new or larger payment based on recently processed 2020 tax returns.
“These plus-up payments could include a situation where a person’s income dropped in 2020 compared to 2019 or a person had a new child or dependent on their 2020 tax return,” the IRS said in a statement.
The payments also include money for people for whom the IRS previously did not have information to issue a payment but who recently filed a tax return.
In total, the third batch includes more than 4 million payments with a total value of more than $10 billion. It contains more than 2 million direct deposit payments with a total value of more than $5 billion and approximately 2 million paper checks totaling nearly $5 billion.