The Internal Revenue Service (IRS) has distributed stimulus checks among 4 million Americans so far, as the third round of stimulus checks payments continues. This brings the total number of stimulus checks receivers to 130 million Americans.
The COVID-19 relief checks under the third round of payments are worth approximately $335 billion.
According to the IRS, the distribution of the third batch of payments started last Friday. Some people received payments in their accounts, even before the actual date in the form of provisional deposits or direct payments.
This particular set of payments comprises almost 2 million direct deposit payments which have a net value of more than $5 billion. Another 1 million worth of checks were rolled out which totaled approximately $5 billion as well.
This set of stimulus payments will be sent to those who their information with the Internal Revenue Service, but did not file the tax return for the year 2020.
Stimulus checks roll out to social security beneficiaries in this round:
The Social Security and other federal beneficiaries are entitled to receive their stimulus payments in this round, especially those who still have to file their 2020 and 2019 tax returns and did not use the non-filers tool last year as well.
According to the IRS, the payment will go to Social Security Retirement, Railroad Retirement Board, and Supplemental Security Income beneficiaries.
The payments to the beneficiaries are expected to be received by April 7, 2021.
All those individuals who were unemployed during the year 2019-2020, will receive a “plus-up” payment in this round. This particular group of individuals will be receiving payment every week till the time the IRS processes their tax returns from the year 2020 and 2019 simultaneously.
An important aspect of this third round of payments is that the stimulus checks are not restricted to children who are under the age of 17, unlike in the first two rounds. All the families who qualified for the $1400 stimulus checks can claim tax returns for college students, grandparents, parents, and disabled adults.