Unveiling the Benefactors- Who Provided the Economic Lifeline through Stimulus Checks-

Who gave stimulus checks during the COVID-19 pandemic? This question has been on the minds of many Americans as they received financial assistance from the government to mitigate the economic impact of the crisis. In this article, we will explore the origins of these stimulus checks and the entities responsible for their distribution.

The COVID-19 pandemic has caused unprecedented disruptions to the global economy, with millions of Americans losing their jobs and facing financial hardship. To address this crisis, the U.S. government implemented a series of economic relief measures, including stimulus checks. These checks were designed to provide direct financial assistance to individuals and families affected by the pandemic.

Who gave stimulus checks?

The U.S. government, specifically the Department of the Treasury and the Internal Revenue Service (IRS), were responsible for distributing the stimulus checks. The first round of stimulus checks, known as Economic Impact Payments, was authorized by the CARES Act, which was signed into law on March 27, 2020.

The Department of the Treasury played a crucial role in printing and distributing the checks, while the IRS was responsible for determining eligibility and processing the payments. The IRS used tax return information from 2018 and 2019 to identify eligible recipients and calculate the amount of each stimulus check.

Eligibility and distribution

To be eligible for a stimulus check, individuals had to meet certain criteria. These included being a U.S. citizen or resident alien, having a Social Security number, and having a qualifying income level. The amount of each stimulus check was based on the recipient’s filing status, age, and number of dependents.

For the first round of stimulus checks, individuals who filed a tax return in 2018 or 2019 and had an adjusted gross income (AGI) of up to $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married couples filing jointly were eligible to receive the full amount. The amount gradually decreased for individuals with higher incomes.

The IRS distributed the stimulus checks through direct deposit, mail, or by having the funds loaded onto an Economic Impact Payment card for those without a bank account. The agency also provided guidance on how to update bank account information for direct deposit and how to replace lost or stolen checks.

Subsequent stimulus checks

In response to the ongoing economic challenges posed by the pandemic, the government authorized additional rounds of stimulus checks. These included the second and third rounds, which were part of the Consolidated Appropriations Act, 2021 and the American Rescue Plan Act, respectively.

Similar to the first round, the Department of the Treasury and the IRS were responsible for distributing these subsequent stimulus checks. The eligibility criteria and the amount of each check were adjusted to reflect the evolving economic situation and the needs of the American people.

Conclusion

In summary, the U.S. government, through the Department of the Treasury and the IRS, was responsible for distributing stimulus checks during the COVID-19 pandemic. These checks were designed to provide financial relief to individuals and families affected by the economic impact of the crisis. As the pandemic continues to evolve, the government remains committed to providing necessary support to those in need.