Breaking Down Individual Stimulus Check Payments: How Many Were Issued Per Person?
The COVID-19 pandemic has brought about a lot of uncertainties, changes, and challenges in different aspects of our lives. To help alleviate the financial burden on individuals and families, the US government passed an economic stimulus package to provide relief in the form of stimulus payments or checks to eligible citizens and residents.
The Background of the Stimulus Check Payment
The stimulus check payment was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed into law by the US Congress on March 27, 2020. The act authorized the US Treasury to provide direct economic assistance to Americans impacted by COVID-19. This financial assistance came in the form of a stimulus check, which the government intended to provide relief to individuals and families during the pandemic.
Who Qualifies for the Stimulus Check Payment?
To be eligible for the stimulus check, an individual must have a Social Security number and either an individual tax identification number (ITIN) or an employer identification number (EIN). Also, the individual must meet specific income thresholds based on their annual income level, as follows:
- Single filers with an adjusted gross income (AGI) of $75,000 or less
- Married couples filing jointly with an AGI of $150,000 or less
- Head of household with an AGI of $112,500 or less
The stimulus check payment varies depending on an individual’s eligibility criteria, including their income level, parental status, and the number of dependents. For instance, single filers with an AGI of $75,000 or less received $1,200, while married couples filing jointly with an AGI of $150,000 or less received $2,400. Additionally, individuals with dependents received an additional $500 per child under the age of 17.
How Many Stimulus Check Payments Were Issued Per Person?
As of June 2021, the US government had issued over 169 million stimulus checks, totaling more than $395 billion. Specifically, the IRS issued more than 127 million payments through direct deposit, over 15 million paper checks, and approximately 5 million prepaid debit cards. The payments went out in waves, with the first wave reaching eligible individuals in April 2020.
Conclusion
The stimulus check payment played a crucial role in providing relief and support to individuals and families amidst the COVID-19 pandemic. It offered financial assistance to those who needed it the most during these uncertain times. The distribution of the stimulus checks was a massive operation, and, as of June 2021, the US government had issued over 169 million payments. The government continues to evaluate options for providing further pandemic relief in the second half of 2021.
