The Treasury Department reported on Wednesday that it has made 90 million payments totaling $ 242 billion from the economic bailout package since President Joe Biden signed the $ 1.9 trillion bill last week.
The federal IRS (Internal Revenue Service) made most of those payments as direct deposits, which beneficiaries began seeing in their bank accounts last weekend, officials said Wednesday.
In addition, the Treasury sent approximately 150,000 checks worth $ 442 million.
Sending payments began last Friday, a day after Biden promulgated the National Rescue Plan, which aims to ease the economic impact of the coronavirus pandemic and allow direct payments of up to $ 1,400 to beneficiaries.
The Treasury said the first payments were for taxpayers who provided information for direct deposit on their 2019 or 2020 tax returns.
Other payments will be made in the coming weeks by automatic deposit and by mail like check or debit card.
Most taxpayers don’t have to do anything to receive the payments, which will be automatic, as they were for the first and second rounds of ransom payments in 2020.