As part of the pandemic assistance, three rounds of Economic Impact Payments, sometimes referred to as stimulus checks, have been given to qualified beneficiaries thus far. Due to the disruption the epidemic had caused to household budgets and livelihoods, this had in the past resulted in the federal government stepping up to support Americans who were left struggling.
Now this time, it doesn’t appear like any fresh government stimulus checks will be issued, even if employees are either ill or under quarantine. The details of First, Second and Third Stimulus Check payments, which vary significantly, are given below. Check this page to know more about How Much Was the 1st Round of Stimulus Check, How Much Was the 2nd Round of Stimulus Check, How Much Was the 3rd Round of Stimulus Check
What are Stimulus Checks or a stimulus package?
A stimulus package is a collection of fiscal policies designed by the government to support a flagging economy. As implied by the name, its goal is to avert, slow down, or reverse a recession or depression by boosting government expenditure on the economy. The 2020 stimulus plan was created in reaction to the effects of COVID-19 on both the domestic and international economies.
The actual name of this legislation is the Coronavirus Aid, Relief and Economic Security (CARES) Act, although it is sometimes referred to by several other names, such as the Economic Stabilization Package, the Coronavirus Stimulus Bill, and the Economic Relief Package. The CARES Act is the greatest rescue package in the modern history of our nation, coming in at around USD 2 trillion.
What Was the Amount of First, Second and Third Stimulus Check?
A payment from the U.S. government to qualified citizens, the stimulus check is a component of the larger stimulus package. When the money is spent, it can not only aid many people who are struggling financially, but it can also stimulate the economy. So now here i will update you on How Much Was the First Stimulus Check, How Much Was the Second Stimulus Check and How Much Was the Third Stimulus Check, read it.
How Much Was the 1st Round of Stimulus Check
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was the 1st Round of Stimulus Check. A maximum of USD 1,200 was received for each qualified adult and USD 500 for each dependent kid under the age of 17. Adults without children got up to USD 1,200. Up to USD 2,400 gave to married couples without children.
Up to USD 3,400 was given to married couples with two child. In the event that your income surpasses USD 75,000 for single filers, USD 112,500 for head of household filers, or USD 150,000 for married joint filers, the amount on your check was withheld at the rate of USD 5 for each additional USD 100 earned. Your pay would thus be USD 50 less if you were a single filer and earned USD 76,000.
How Much Was the 2nd Round of Stimulus Check
As a component of the Consolidated Appropriations Act, 2021, the second round of stimulus payments was approved on December 27, 2020. Legislation extending COVID relief and providing a second round of stimulus checks was adopted by Congress. For each adult and each qualified kid dependent living in the home, the payment is valued up to USD 600. To be eligible for the payout, there was no minimum income requirement. The whole payment was made to households with AGI of up to USD 75,000 for single people.
How Much Was the 3rd Round of Stimulus Check
The American Rescue Plan became a law on March 11, 2021. It advocated for providing Americans with Economic Impact Payments, or EIPs, as a third wave of stimulus payments. A USD 1,400 stimulus payment was allowed by the American Rescue Plan for qualified individuals.
- Individuals with AGI of less than USD 75,000 got USD 1,400 for each adult and an additional USD 1,400 for each dependent, regardless of age. This also holds true for heads of families earning less than USD 11,2,500.
- If the IRS received 2020 tax return before releasing your funds, they utilized the income details from that report. If not, they used data from 2019 tax return.
IRS First, Second and Third Stimulus Check- A Summary
|Round of Payment||Payment Amount||MI to Receive Payment||BC (2020-2030)|
|First Stimulus (CARES Act)||USD 1,200 per adultUSD 500 per child||Single: USD 99,000|
HOH: USD 136,500
Married: USD 198,000
|USD 292 billion|
|Second Stimulus (Consolidated Appropriations Act)||USD 600 per adultUSD 600 per child||Single: USD 87,000|
HOH: USD 124,500
Married: USD 174,000
|USD 164 billion|
|Third Stimulus (American Rescue Plan)||USD 1,400 per adult|
USD 1,400 per child
|Single: USD 80,000|
HOH: USD 120,000
Married: USD 160,000
|USD 411 billion|
Impact of Coronavirus Stimulus Checks on US Economy
The early 2020 COVID-19 virus outbreak had a devastating effect on the economy of USA, forcing numerous private businesses from various industries, as well as federal and state agencies, to halt operations in order to protect the health of their employees and stop the virus’s spread. Consequently, there was a significant spike in the unemployment rate.
The nation’s low-wage workers and communities were affected largely by the high unemployment rate. Food, shelter, utilities, and transportation were among the basic necessities that many households, particularly those headed by children, could not afford. Coronavirus Stimulus Checks helped a lot to the general public of USA and recover the economy of USA.