- The Treasury Department said on Wednesday it’s already issued 90 million direct payments.
- It means Americans can start accessing stimulus cash, including those with accounts at major banks.
- Individuals earning up to $75,000 qualify for a full check from the federal government.
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The Treasury Department announced Wednesday it has distributed 90 million direct payments to Americans, and people can start tapping into their federal relief funds.
“The first batch of payments were mostly sent by direct deposit, which some recipients started receiving this past weekend,” the Treasury Department said in a statement. “As of today, all recipients of this first batch of direct deposit payments will have access to their funds.”
The 90 million federal payouts amounted to $242 billion, the Treasury said. It added that the first round of direct payments went to taxpayers who provided deposit information on their 2019 or 2020 tax returns. The federal government has also mailed 150,000 paper checks, the agency said.
The IRS and Treasury started distributing the $1,400 federal payments on Friday evening, only a day after President Joe Biden signed the $1.9 trillion stimulus plan into law.
However, customers at major banks like Wells Fargo had to wait for the government cash to be released on March 17 before being able to tap into the money.
Singles earning up to $75,000 in adjusted gross income qualify for the full amount, along with couples making up to $150,000. Each adult dependent is eligible for a check as well. But the stimulus payments diminish in size much more quickly. Individuals earning above $80,000 and couples making above $160,000 will receive zero.
People can track the status of their relief checks using the “Get my Payment” portal. The Treasury said that 35 million Americans had accessed the service for more information.