The Covid Economy

90 million stimulus payments have been deposited, according to the IRS

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One week after President Joe Biden signed the American Rescue Plan into law, the Internal Revenue Service (IRS) says it has disbursed 90 million economic impact payments (EIP) worth an estimated $242 billion, a major provision of the legislation.

Most of the payments were sent by direct deposit to taxpayer bank accounts. While some people were able to access their payments early, depending on their bank, the IRS says Wednesday is the first day the first 90 million recipients will have access to the funds.

The Treasury Department has also mailed approximately 150,000 checks, worth $442 million.

The IRS will continue to send out batches of payments via direct deposit, paper check and pre-paid debit card in the weeks to come.

The agency is encouraging taxpayers to use its Get My Payment tool to find the most current information on the status of their stimulus payments. It is updated once a day.

If taxpayers using the tool receive a status saying that they are eligible, with the correct bank account information or address listed, that means that the IRS has not processed their payment yet, but it will be delivered in the coming weeks.

Some taxpayers are experiencing issues accessing their deposits. If a closed bank account is listed on the Get My Payment tool, the payment will be returned to the agency and then reissued to the correct account, or to the taxpayer's address on file, an IRS spokesperson says.

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Check out: Use this calculator to see exactly how much your third coronavirus stimulus check could be worth

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