Economic Impact Payments Disbursed Under the American Rescue Plan
The Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they have disbursed more than 1.8 million additional Economic Impact Payments under the American Rescue Plan.
The announcement on May 26, 2021 covers the most recent two weeks of the effort brings the total disbursed so far to nearly 167 million payments. They represent a total value of approximately $391 billion since these payments began rolling out to Americans in batches on March 12.
Here is additional information on the last two weeks of payments, which includes those with official payment dates through May 26:
- In total, this includes more than 1.8 million payments with a value of more than $3.5 billion.
- More than 900,000 payments, with a value of approximately $1.9 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.
- This 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. In the last two weeks, there were more than 900,000 of these "plus-up" payments, with a value of more than $1.6 billion. In all, the IRS has made nearly 7 million of these supplemental payments this year.
- Overall, the last two weeks of payments contain more than 900,000 direct deposit payments (with a total value over $1.6 billion) with the remainder as paper check payments.
The IRS will continue to make Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS previously did not have information to issue a payment but who recently filed a tax return, as well to people who qualify for "plus-up" payments.
With offices in Williston and Rutland Vermont, Davis & Hodgdon Advisory Group has served business owners and individuals for more than 30 years by providing progressive, proactive tax and business services through expert staff, high-end technology, and unparalleled efficiency. Contact us today.
Resource: More than 1.8 million additional Economic Impact Payments disbursed under the American Rescue Plan; total payments reach nearly 167 million by the IRS.