Internal Revenue Service (IRS)

Economic Impact Payments reach $384bn, says IRS 

In total, the latest batch of payments included nearly two million payments with a value of more than $4.3bn

The Internal Revenue Service (IRS), the U.S. Department of the Treasury, and the Bureau of the Fiscal Service have announced they are disbursing nearly two million payments in the seventh batch of Economic Impact Payments from the American Rescue Plan.

This brings the total disbursed so far to approximately 163 million payments, with a total value of approximately $384bn, since these payments began rolling out to Americans in batches.

In total, this batch included nearly two million payments with a value of more than $4.3bn.

More than 1.2 million payments, with a value of over $3bn, went to eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment but who recently filed a tax return. 

The seventh batch of payments began processing on April 23, with an official payment date of April 28, with some people receiving direct payments in their accounts earlier as provisional or pending deposits. 

The latest batch also includes additional ongoing supplemental payments for people who earlier this year 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. 

In addition, this batch included more than 730,000 of these “plus-up” payments, with a value of over $1.3bn.

Overall, this seventh batch of payments contained about 1.1 million direct deposit payments, with a total value of $2.5bn, and about 850,000 paper check payments with a total value of more than $1.8bn. 

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