The IRS released data on the stimulus check payouts Friday, revealing that more than half of the money set aside for the checks in the CARES Act is already in the hand of American taxpayers. More than $157.9 billion has been distributed to Americans in about 88.1 million stimulus checks so far, reports Marketwatch. The checks include $1,200 per person, as well as $500 for children under 17 listed as dependents.
"The IRS, Treasury and partner agencies are working nonstop to get these payments out in record time to Americans who need them," IRS Commissioner Chuck Rettig said, reports CNBC. "Tens of millions of people across the country are receiving these payments, and millions more are on the way." The IRS expects to send out over 150 million stimulus payments by the end of the program. The federal government began sending out the payments on April 11.
The data released on Friday included state-by-state breakdowns as well. The average payment across the country is $1,791, as couples who file jointly are eligible for up to $2,400. California leads the country with the most stimulus checks, with more than 9 million households in the country's most populous state receiving checks already, totalling $15.9 billion. Texas came in second with 7.8 million households receiving checks, totalling $14.4 billion. Florida was in third, with 6.3 million households getting a combined $11 billion in stimulus payments.
The stimulus check is part of the $2.2 trillion CARES Act signed into law late last month. Those who did not receive their checks via direct deposit will receive them in the mail. The payments already sent went to individuals with adjusted gross incomes under $75,000 and married couples earning less than $150,000. You also needed to file your 2018 or 2019 federal taxes.
At the moment, there is no plan to send taxpayers a second check signed into law. A $484 billion coronavrius relief bill was signed last week, but that focused more on helping small businesses and did not include another stimulus check. However, there have been multiple proposals in Congress. U.S. Reps. Tim Ryan and Ro Khanna proposed the Emergency Money for the People Act, which would provide qualifying Americans with $2,000 per month for up to 12 months, reports Forbes. Earlier this month, President Donald Trump said there could be a "second round" of stimulus checks and it is "under serious consideration."