Coronavirus

How much money has been sent in stimulus checks and how much remains unsent?

The United States government has sent 159 million stimulus payments as part of the CARES Act approved by President Trump back in mid-March at the start of the Covid-19 outbreak.

How much money has been sent in stimulus checks and how much remains unsent?

In March President Donald Trump approved the CARES Act to help millions of Americans that suffered economic hardship during the coronavirus pandemic in the United States. The measure stipulated that that eligible individuals would, in general, receive a stimulus payment of $1,200 to help them during the outbreak. Since mid-April the Internal Revenue Service (IRS) has sent a total of 159 million stimulus payments with a total value of $267 billion.

While most Americans have already received their stimulus payment, there are several millions who are still waiting for their money. The legislation authorized up to $300 billion in aid to help individual Americans, meaning there is about $33 billion still available to be spent.

Stimulus checks: dependant on IRS information

“Payments have been sent to all eligible Americans for whom the IRS has the necessary information to make a payment,” the Treasury Department said in a statement. Since April the IRS has used different methods to send the stimulus payment, 120 million by direct deposit, 35 million by check and 4 million by prepaid card.

For those who have not received their payment the IRS has created the ‘Get My Payment’ tool so people can track their check. For those who have not received the stimulus payment and do not file tax returns the government recommends they should use the non-filer tool. The deadline for that is 15 October in order to receive the $1,200, although because it is technically rebate a filer can include the amount in their 2020 return and receive the money in 2021 if they miss that deadline.

The payments, up to $1,200 per individual, $2,400 per married couple plus $500 for dependant children 17 and under, were authorised by Congress through the CARES Act.

The hope now for struggling Americans is that Congress approves another round of stimulus payments, however the only measure currently on the table is the HEROES Act, which the Democrats passed in the House of Representatives, but which the Republican-dominated Senate shows no sign of debating, let alone passing.