American Rescue Plan – 171 Million Payments – $400 Billion So Far
The Internal Revenue Service, U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced today they have disbursed more than 2.2 million additional Economic Impact Payments under the American Rescue Plan.
Today's announcement covering the most recent six weeks of the effort brings the total disbursed so far under the American Rescue Plan to more than 171 million payments. They represent a total value of more than $400 billion since these payments began rolling out to Americans in batches on March 12.
Here is additional information on the last six weeks of payments, which includes those with official payment dates through July 21:
In total, this includes about 2.2 million payments with a value of more than $4 billion.
About 1.3 million payments, with a value of approximately $2.6 billion, went to eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment but who recently filed a tax return.
This also includes additional ongoing supplemental payments for people who earlier this year received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns. In the last six weeks, there were more than 900,000 of these "plus-up" payments, with a value of more than $1.6 billion. In all, the IRS has made more than 9 million of these supplemental payments this year worth approximately $18.5 billion.
The IRS will continue to disburse Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS previously did not have information to issue a payment but who recently filed a tax return, as well to people who qualify for "plus-up" payments.
The #1 Way Families Are Being Helped - Increased Health Insurance Subsidies
The American Rescue Plan has dramatically boosted health insurance subsidies!
"We find that the number of people eligible for a subsidy to purchase Marketplace coverage has increased 20% from 18.1 million to 21.8 million with passage of the ARPA. We estimate that the average savings under the ARPA subsidies will be $70 per month for current individual market purchasers, ranging from an average savings of $213 (39% of current premiums after subsidies) per month for people with incomes between 400% and 600% of poverty to an average savings of $33 per month (100% of current post-subsidy premiums) for people with incomes under 150% of poverty (who will now have zero-dollar premiums for silver plans with significantly reduced out-of-pocket costs). We also find that the majority of uninsured people (63%) are now eligible for financial assistance through the Marketplaces, Medicaid, or Basic Health Plans. In fact, more than 4 out of 10 uninsured people are eligible for a free or nearly free health plan through one of these programs."
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