The Internal Revenue Service (IRS), the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced that it will be disbursing more than 25 million payments in the fourth batch of Economic Impact Payments (EIP) from the American Rescue Plan.
The announcement brings the total disbursed so far to more than 156 million payments, with a total value of approximately $372bn, since the payments began rolling out to Americans on March 12.
The fourth batch of payments began processing on Friday, April 2, with an official payment date of April 7 – with some people receiving direct payments in their accounts earlier as “provisional or pending deposits”.
Since the scheme began, the IRS has made more than 1 million payments, with a total value of nearly $3bn, to people for whom the IRS “previously did not have information to issue a payment to but recently filed a tax return and qualified for an EIP”.
Overall, the fourth batch of payments contains nearly 24 million direct deposit payments – with a total value of over $33bn – and more than 1 million paper check payments -with a total value of nearly $3bn.