WASHINGTON — Some U.S. residents could have received stimulus funds as early as Tuesday evening, Dec. 29, according to a statement released by the U.S. Treasury Department.
The Treasury and the IRS are delivering a second round of Economic Impact Payments to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The initial direct-deposit payments were scheduled to begin arriving as early as Tuesday night for some, and will continue into next week. Paper checks will begin to be mailed Wednesday, Dec. 30. This second round of payments will provide critical economic support to those who, through no fault of their own, have been adversely impacted by the COVID-19 pandemic, according to the Treasury statement.
“Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” said Secretary Steven T. Mnuchin. “These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.”
Eligible individuals will receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples, and up to $600 for each qualifying child. Generally, those whose adjusted gross income for 2019 is up to $75,000 for individuals, and up to $150,000 for married couples filing joint returns and surviving spouses, will receive the full amount of the second payment. For tax filers with income above those amounts, the payment amount will be reduced.
This second round of payments will be distributed automatically, with no action required for eligible individuals. If additional legislation is enacted to provide for an increased amount, Economic Impact Payments that have been issued will be topped up as quickly as possible, the Treasury statement continued.
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