120 million payments were made by direct deposit, the IRS said, while 35 million were sent by check and 4 million were sent as a prepaid debit card.
people received them, according to the Federal Reserve Bank of Chicago, with people living paycheck to paycheck spending more than two-thirds of their stimulus award immediately.
The stimulus checks were authorized as part of the $2.2 trillion CARES Act, the sweeping economic rescue legislation signed by President Trump at the end of March to stem the damage caused by the coronavirus pandemic. Now CARES Act protections are beginning to run out, with both eviction moratoriums and enhanced unemployment benefits set expire next month, and lawmakersA $3 trillion package that would authorize another round of stimulus checks was proposed by Democrats and passed the House last month, but the bill is extremely unlikely to pass in the Senate in its current form.
On Tuesday, Senator Roy Blunt, who heads the Senate GOP policy committee, indicated that the chamber will likely wait until July to consider additional relief measures."My personal belief is we will do something before the August break — that's about the right timing," he
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