They were authorized by Congress in March 2020 and have been renewed twice since.įlorida Gov. Some states, like California and Maryland, have issued their own stimulus payments to some residents in addition to the federal money.Ī total of $567 billion in unemployment benefits have been paid out through three federal pandemic-related programs that enhanced payments, expanded eligibility and increased the duration of payments. The IRS has sent $1,400 per person this year, at a cost of $274 billion to date. Lawmakers narrowed eligibility for the last round so that it excluded individuals who earn at least $80,000 a year and families who earn at least $120,000 a year. The second round of payments were worth up to $600 per person and cost $142 billion. The first round, which sent payments worth up to $1,200 per person, cost taxpayers the most – $388 billion.
Recent stimulus check news full#
The lowest-income Americans got the full amount and the value gradually phased out for those earning more.
The US government has sent $804 billion directly to low- and middle-income individuals and families via three rounds of stimulus payments that were delivered via direct deposit, checks or debit cards.Įach round had slightly different qualifying parameters, but lawmakers purposely didn’t put too many limitations on the checks in order to get the cash out as quickly as possible. Theaters and venues are still waiting for the money to go out. The restaurant program has delivered nearly $6 billion to date and another $23 billion is on the way.
Relief for theaters is here, but that doesn't mean the Nutcracker will be back this ChristmasĬongress subsequently created two other grant programs, one for struggling restaurants and one for shuttered theaters, music venues, promoters and museums. The Paycheck Protection Program, created in March 2020, reached the most businesses, delivering more than 11 million loans worth nearly $800 billion that the government will forgive if the owner used a certain portion of money to pay staff.Īnother $220 billion has been lent to business owners through the Economic Injury Disaster Loan program, which provides low-interest, long-term loans.īoston Ballet dancers perform in in Mikko Nissinen's Nutcracker at Citizens Bank Opera House in November 2019. Small businesses: $1 trillion, with $42 billion more on the wayĬongress created a variety of loan and grant programs for small business owners, many of whom had to shut their doors because of state and local lockdown rules throughout the pandemic. Here’s a partial list of who got money and how much as of May 10, according to the Committee for a Responsible Federal Budget: The latest piece of legislation, which passed in March, authorized $1.9 trillion in spending on benefits for states, businesses and individuals – including advance payments of an expanded child tax credit, which will send families with children thousands more dollars starting July 15. Nearly 37% fewer small businesses are open compared to January 2020, the employment rate for low-income workers is still well below pre-pandemic levels and an estimated 7 million Americans are behind on their rent.Īnother $2 trillion of the nearly $6 trillion included by Congress in several Covid relief packages is yet to be disbursed, according to the Committee for a Responsible Federal Budget, a nonprofit that’s tracking the spending. Now that the US economy is nearly back to normal, some are asking whether the government gave away too much money – and, with millions still in need, whether it reached those who needed it most. The federal government has pumped about $4 trillion into the US economy since the pandemic began in March 2020, sending cash directly to households, boosting unemployment benefits and creating several new grant and loan programs for businesses.
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