The US has sent out three rounds of stimulus checks since the covid-19 pandemic induced economic crisis began in the spring of 2020. Eligible Americans received up to $3,200 from Uncle Sam and some are still seeing additional payments from the Economic Impact Payments.
Stimulus checks hitting select bank accounts in September
The IRS has until the end of December 2021 to distribute the funds from the third round of Economic Impact Payments, or better known as stimulus checks. That round of direct payments to American taxpayers was based on tax filings, like the two before, but once again the IRS had to use the prior year’s information to determine how much to send.
Those who saw their income take a hit during the pandemic were possibly eligible for a supplemental payment, conversely those who were overpaid got to keep the extra money. The IRS has been sending out “plus-up payments” since April and will continue to do so weekly until the end of the year.
As well those who had not filed a tax return in the past two years due to low earnings but filed this year are seeing their stimulus payments as the IRS processes returns. The tax agency has been working through a backlog caused by the pandemic made worse by a decade of budget and staff cuts.
California begins Golden State Stimulus payments
The California Franchise Tax Board began sending the first payments on a tax refund enacted as part of the $100 billion Comeback Plan. The first Golden State Stimulus payments went out 27 August to some 600,000 residents. However, the state tax board has around 9 million payments to send out which it says “will be issued between September 1, 2021 and October 15, 2021.”