Economy

The government delivered more than $267 billion in rescue funds in 2 months

Key Points
  • More than $267 billion in Economic Impact Payments have gone to 159 million Americans.
  • The payments are part of rescue funding Congress approved to get the U.S. economy through the coronavirus pandemic.
VIDEO1:1301:13
Treasury Department says it sent 159 million payments worth more than $267 billion in Covid-19 relief

Americans have received more than $267 billion in rescue payments from the government in an effort to pull the economy through the coronavirus crisis, the Treasury Department said Wednesday.

The department said 159 million Economic Impact Payments have been made in the two months since Congress appropriated the money. The funds were sent to all Americans for whom the IRS has the relevant information. 

"These payments are an integral part of our commitment to providing much-needed relief to the American people during this unprecedented time," Treasury Secretary Steven Mnuchin said.

As large portions of the U.S. economy shut down to combat the coronavirus pandemic, Congress approved the payments to see the economy through what will be its worst downturn since the Great Depression. The disbursements combined with extended unemployment benefits that saw many displaced workers receive normal unemployment compensation plus $600 per period.

The maximum benefit was $1,200 for individuals and $2,400 for couples, with pro-rated benefits for individuals making more than $75,000 and couples earning more than $150,000.

While Treasury touted the aggressive effort to get the payments out, it noted that there are still those who haven't received benefits to which they are entitled. That group is primarily made up of those who haven't filed a tax return in the past two days. The department said those individuals can submit their information to the IRS and receive payments.