What Year Did We Receive Our Stimulus Checks- A Comprehensive Timeline Review
What year did we get stimulus checks? This is a question that has been on the minds of many Americans during the COVID-19 pandemic. With the economy facing unprecedented challenges, the government has implemented various stimulus measures to provide financial relief to citizens. In this article, we will explore the years when stimulus checks were distributed and the reasons behind these measures.
The first round of stimulus checks, commonly referred to as Economic Impact Payments, was distributed in 2020. These checks were part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. The purpose of these payments was to inject liquidity into the economy and help Americans who were affected by the pandemic.
Under the CARES Act, eligible individuals received a one-time payment of $1,200, plus an additional $500 for each qualifying child under the age of 17. The amount received was based on the adjusted gross income (AGI) reported on the 2019 tax return, with a phase-out threshold of $75,000 for single filers, $112,500 for heads of household, and $150,000 for married couples filing jointly.
The first batch of stimulus checks were sent out in April 2020, with most recipients receiving their payments within a few weeks. However, there were delays for some individuals, particularly those who had not filed a tax return in the previous year or had outdated banking information on file with the IRS.
In December 2020, the government passed another stimulus package, known as the Consolidated Appropriations Act, which included a second round of stimulus checks. This time, eligible individuals received a payment of $600, plus $600 for each qualifying child. Similar to the first round, the payments were based on the 2019 tax return, with the same phase-out thresholds.
The second round of stimulus checks were distributed in early January 2021, and again, most recipients received their payments within a few weeks. However, the IRS faced challenges in processing payments for individuals who had not provided their direct deposit information or had updated their bank accounts.
As the pandemic continued to impact the economy, the government announced a third round of stimulus checks in March 2021. The American Rescue Plan Act provided eligible individuals with a payment of $1,400, plus $1,400 for each qualifying child. This round of payments was based on the 2020 tax return, with the phase-out thresholds adjusted accordingly.
The third round of stimulus checks were distributed starting in March 2021, with the IRS working to send out payments as quickly as possible. This time, the IRS utilized a combination of direct deposit, paper checks, and debit cards to deliver the payments.
In summary, stimulus checks were distributed in 2020 and 2021, with the amount and eligibility criteria varying each time. These payments were designed to provide financial relief to Americans during the COVID-19 pandemic, and the government has continued to adapt and respond to the changing economic landscape. As the pandemic continues to evolve, it remains to be seen if future stimulus measures will be implemented.
