Timeline of COVID Stimulus Checks- When Were the Payments Distributed-
When did COVID stimulus checks go out? This question has been on the minds of many Americans as they navigated the financial challenges brought about by the COVID-19 pandemic. The U.S. government implemented a series of economic relief packages to provide financial assistance to individuals and families affected by the crisis. In this article, we will explore the timeline of when these stimulus checks were distributed and the impact they had on the economy.
The first round of COVID stimulus checks, commonly referred to as Economic Impact Payments, were authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These checks were aimed at providing direct financial assistance to eligible individuals and families to help them cover essential expenses during the pandemic. The U.S. Treasury Department and the Internal Revenue Service (IRS) were responsible for the distribution of these payments.
When did COVID stimulus checks go out for the first time?
The first round of stimulus checks were distributed in April 2020. The IRS began sending out checks on April 15, 2020, and continued to do so over the following weeks. The amount of each check was based on the recipient’s filing status, age, and number of qualifying children. Eligible individuals received a check of up to $1,200, while married couples filing jointly could receive up to $2,400. An additional $500 was provided for each qualifying child under the age of 17.
When did the second round of COVID stimulus checks go out?
The second round of stimulus checks, also known as the Economic Impact Payments, was authorized by the Consolidated Appropriations Act, 2021. These checks were sent out in early January 2021. The IRS began distributing the payments on December 28, 2020, and continued to do so over the following weeks. Similar to the first round, the amount of each check was based on the recipient’s filing status, age, and number of qualifying children.
When did the third round of COVID stimulus checks go out?
The third round of stimulus checks, authorized by the American Rescue Plan Act of 2021, were distributed in March 2021. The IRS started sending out these payments on March 12, 2021. The amount of each check was again based on the recipient’s filing status, age, and number of qualifying children. Eligible individuals received a check of up to $1,400, while married couples filing jointly could receive up to $2,800. An additional $1,400 was provided for each qualifying child under the age of 17.
Impact of COVID stimulus checks on the economy
The distribution of COVID stimulus checks had a significant impact on the economy. These payments helped to boost consumer spending, as individuals and families used the funds to cover essential expenses and support local businesses. Additionally, the stimulus checks helped to reduce the number of Americans falling into poverty during the pandemic.
In conclusion, the COVID stimulus checks were distributed in three rounds, with the first round going out in April 2020, the second round in January 2021, and the third round in March 2021. These checks played a crucial role in providing financial relief to millions of Americans during the COVID-19 pandemic and helped to stabilize the economy.
