The Treasury Department sent out some 90 million economic impact payments worth more than $242 billion, it announced on Wednesday.
President Biden signed the $1.9 trillion American Rescue Plan on March 11, which funds hundreds of billions of dollars worth of stimulus checks to be sent to individuals and families.
Referred to as “recovery rebates” in the legislation, the checks function as a credit against one’s federal tax liability. Individuals who earn up to $75,000 or couples that made up to $150,000 are eligible for the full $1,400 per person, while the income limits are higher for those with children.
THIRD STIMULUS CHECKS TO HIT ACCOUNTS WITH LARGEST BANKS ON WEDNESDAY
Wednesday was the date by which the Internal Revenue Service had agreed with the ACH Network, which manages electronic financial transfers, to disperse the first batch of payments. The banks received the funds at 8:30 a.m.
The majority of payments were directly deposited to bank accounts, though the department mailed roughly 150,000 checks worth about $442 million, the Treasury Department said.
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Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card, the department added.
