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U.S. has issued 90 million stimulus checks worth $242 billion, Treasury says

Written by on March 17, 2021

Stimulus check direct deposits could begin as soon as this weekend after  Biden signs COVID relief bill - CBS News

(CNBC)-The U.S. has thus far issued 90 million stimulus checks worth a collective $242 billion as part of President Joe Biden’s landmark $1.9 trillion American Rescue Plan, according to a report released Wednesday by multiple government agencies

The first batch of payments were mostly sent by direct deposit, and some recipients started receiving their checks this past weekend, the Treasury Department and Internal Revenue Service announced.

The Treasury said it also mailed about 150,000 physical checks worth about $442 million as part of the first wave of disbursements.

The department is rolling out the stimulus checks — officially known as Economic Impact Payments — in successive “tranches.” The announcement on Wednesday detailed the first such tranche.

Like prior stimulus checks, the value of the checks are reduced for those with income above those thresholds. To help make the $1.9 trillion Covid relief package palatable to conservative Democrats, including Sen. Joe Manchin, the Senate lowered the income levels at which the payments get phased to zero.

But unlike the prior economic impact payments, families will receive payment for all their dependents claimed on