The U.S. Treasury Department is issuing 37 million more Economic Impact Payments this week, bringing the total number of payments to 127 to date.
Released on Wednesday, March 24, these Economic Impact Payments will be issued by direct deposits, in addition to paper checks and debit cards, which will be sent through traditional mail. There will be approximately 15 million paper checks issued this round, worth an estimated $34 billion.
Most of the payments in the second round, like the first, were issued via direct deposit. The Treasury Department reports that 17 million direct deposit payments were made, totaling more than $38 billion.
In the first round of payments, the Treasury Department issued 90 million payments worth roughly $242 billion. Combined with the first round, the second round brings the payment amount to $325 billion.
Most of the payments issued in the first and second rounds were sent to eligible taxpayers who filed 2019 and 2020 taxes. The second round also included individuals who typically do not file returns but used the Non-Filers tool on the Internal Revenue Service’s website last year.
These Economic Impact Payments are being issued as part of the American Rescue Plan, signed into law by President Joe Biden on March 11. The federal government began issuing payments of $1,400 on March 12 to eligible individuals and $2,800 checks to eligible couples with $1,400 for each 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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