The Internal Revenue Service (IRS), the U.S. Department of the Treasury, and the Bureau of the Fiscal Service have announced they are disbursing more than 25 million payments in the fourth batch of Economic Impact Payments from the American Rescue Plan.
In total, this batch includes more than 25 million payments, with a total value of more than $36bn.
This brings the total disbursed so far to more than 156 million payments, with a total value of approximately $372bn, since these payments began rolling out to Americans in batches, as announced on March 12.
The fourth batch of payments began processing on 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.
Overall, the latest payments contain 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).
The largest block of these payments went to Social Security beneficiaries who didn’t file a 2020 or 2019 tax return and didn’t use the Non-Filers tool last year. More than 19 million payments, with a total value of more than $26 billion, went to these beneficiaries, which include Social Security retirement, survivor or disability (SSDI) beneficiaries.
In this batch, more than 3 million payments, with a total value of nearly $5bn, went to Supplemental Security Income (SSI) beneficiaries. Nearly 85,000 payments, with a total value of more than $119m, went to Railroad Retirement Board (RRB) beneficiaries.
This batch also includes additional ongoing supplemental payments for people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns. This batch included more than 1 million of these “plus-up” payments, with a total value of more than $2bn.
More than 1 million payments, with a total value of nearly $bn, went to people for whom the IRS previously did not have information to issue a payment but who recently filed a tax return and qualified for an Economic Impact Payment.
Payments to this group, and the “plus-up” payments noted above, will continue on a weekly basis going forward as the IRS continues processing tax returns from 2020 and 2019, the IRS confirmed.