Treasury Department Says It Has Issued 90 Million Stimulus Payments
WASHINGTON—The U.S. government has issued approximately 90 million stimulus payments worth $242 billion, more than half of the estimated total relief authorized under the latest Covid-19 relief package, the Treasury Department and Internal Revenue Service said Wednesday.
The Treasury, which is issuing the payments in rolling batches, began processing the payments on Friday primarily to taxpayers who provided their direct deposit information on their 2019 or 2020 tax returns. The payments will officially settle in bank accounts on Wednesday.
Congress authorized the $1,400 payments for most Americans—including adults, children and adult dependents—as part of the $1.9 trillion relief package President Biden signed into law on March 11.
The $1,400 comes on top of the $600 approved in December, providing people a total of $2,000 between the two rounds of payments,
While the majority of payments were issued by direct deposit, the Treasury also mailed roughly 150,000 paper checks worth about $442 million, the agency said.