Together with the IRS, the US Department of the Treasury has announced it has successfully delivered 159 million Economic Impact Payments to eligible Americans in a duration of two months. The delivered payments amount to a total in excess of $267 billion, and are in addition to the $2.5 billion that has been previously sent out to US territory residents.
US Secretary Steven Mnuchin prided the US government in the timely delivery of the payments, stating this is the fastest such an amount has been processed in such a sort time. 120 million of the payments were sent via direct deposit, 35 million were mailed checks, and the remainder were paid through pre-paid debit cards.
The aim of the Economic Impact Payments is to ease some of the financial burden faced by Americans in wake of the coronavirus pandemic. Although lockdowns are being lifted across many US states and weekly unemployment numbers are showing signs of a decrease, it still may be awhile before Americans are back into financial stability territory.
Information for this briefing was found via the US Department of the Treasury and the US Department of Labour. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.