A few million more stimulus checks are now on their way to US taxpayers. This, granted, is a development that we’ve been reporting for a couple of months now. But this is a stimulus check update that, like the payments themselves, will be recurring, at least through the end of this year.
The IRS on Thursday caught everyone up to speed on the status of its distribution of this latest tranche of stimulus cash. This is something the IRS says it’s doing on a weekly basis. And it stems from the money made available by the $1.9 trillion stimulus legislation from March. Since the agency’s last update, through July 21 it’s now distributed more than 2.2 million additional checks with a collective value topping $4 billion. Here’s what else you need to know about this latest update, especially if you’re waiting on one of these checks. These checks, by the way, being the third stimulus payment for generally $1,400 that the stimulus law made possible.
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Stimulus check update
These 2.2 million checks we’re referring to are not the child tax credit payments that we’ve also been writing about in recent weeks (even though they’re very similar). Those refer to the monthly six-check series of payments that families with eligible children have also started getting. They’re tied to an expansion of the federal child tax credit. Whatever amount families have been approved for, it’s essentially been chopped in half, with the second half coming next year as a tax credit. Recipients will get the first half in the form of six monthly checks. Those started going out on July 15.
These new payments we’re referring to are putting the third stimulus check into recipients’ bank accounts and mailboxes. Following the first and second stimulus payments last year (for $1,200 and $600, respectively).
Data from the IRS
- About 1.3 million of these new payments went to recipients for whom the IRS previously didn’t have the details it needed to send out a check. But the recipient, however, recently filed a tax return.
- These payments also include checks for people who already got a payment based on information in their 2019 tax return. However, they also recently filed a 2020 tax return. And because of details contained in the new return, they became eligible for a larger payment.
- In the last six weeks, the IRS has sent out more than 900,000 of that second kind of payment. These are so-called “plus-up” checks. Their total value is more than $1.6 billion, according to the tax agency’s new stimulus check update.
There’s no word on a fourth stimulus check yet. Rumors and speculation, however, continue to circulate. Individuals can check the Get My Payment tool on the IRS to track the status of any outstanding stimulus payment. And they can learn more about the Economic Impact Payments themselves on the IRS website, as well.
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