Internal Revenue Service (IRS)

Economic Impact Payments total $388bn

In total, the latest batch includes more than 960,000 payments with a value of more than $1.8bn

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 one million more payments under the American Rescue Plan, bringing the total disbursed so far to approximately 165 million payments, with a total value of approximately $388bn. 

The ninth batch of payments began processing on May 7, with an official payment date of May 12, with some people receiving direct payments in their accounts earlier as provisional or pending deposits. 

In total, this batch includes more than 960,000 payments with a value of more than $1.8bn, while more than 500,000 payments, with a value of over $1bn, 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. 

This 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 460,000 of these “plus-up” payments, with a value of more than $800m. In total, the IRS has made more than six million of these supplemental payments this year.

Overall, this ninth batch of payments contains nearly 500,000 direct deposit payments (with a total value of $946m) with the remainder as paper payments.

The IRS will continue to make Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS previously did not have information to issue a payment but who recently filed a tax return, as well to people who qualify for “plus-up” payments.

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