When did the first stimulus checks go out? This question has been on the minds of many Americans since the COVID-19 pandemic hit the country in early 2020. The first round of stimulus checks, also known as Economic Impact Payments, was a significant measure implemented by the government to provide financial relief to individuals and families affected by the economic downturn caused by the pandemic.
The first stimulus checks were authorized under the CARES Act, which was signed into law on March 27, 2020. These checks were intended to provide immediate financial assistance to Americans who were struggling due to the pandemic’s impact on the economy. The exact date when the first stimulus checks went out varied depending on the individual’s tax filing status and bank account information.
For those who had already filed their taxes for the 2019 fiscal year, the IRS began sending out the first stimulus checks on April 15, 2020. This group included individuals who had direct deposit information on file with the IRS. Recipients who had not yet filed their taxes could still receive the stimulus checks by providing their bank account information to the IRS through the Non-Filers Tool on the IRS website.
For individuals who had not filed their taxes or did not have direct deposit information on file, the IRS faced a significant challenge in getting the checks out on time. However, the IRS worked diligently to process these payments and began sending out checks to these individuals in early May 2020.
The first stimulus checks were initially set at $1,200 for individuals, $2,400 for married couples filing jointly, and $500 for each qualifying child. The amount received by individuals was based on their adjusted gross income (AGI) and filing status. Those with an AGI of $75,000 or less for individuals and $150,000 or less for married couples filing jointly were eligible for the full amount. The checks were gradually reduced for individuals with an AGI between $75,000 and $99,000 and for married couples filing jointly between $150,000 and $198,000.
Following the success of the first stimulus checks, the government later passed the Consolidated Appropriations Act, 2021, which authorized a second round of stimulus checks. This second round, also known as Economic Impact Payments 2, was distributed in December 2020 and followed a similar structure to the first round.
The second stimulus checks were also based on individuals’ 2019 or 2020 tax returns, and the amount received was again dependent on their AGI and filing status. The second round of checks included an additional $600 payment for each qualifying child, bringing the total payment for some families to over $3,000.
In summary, the first stimulus checks went out on April 15, 2020, for individuals who had already filed their taxes and had direct deposit information on file with the IRS. For others, the checks were sent out in early May 2020. These checks played a crucial role in providing financial relief to millions of Americans during the early stages of the COVID-19 pandemic.
