“PLUS-UP” payments are being sent out as part of stimulus checks to help those hit hard last year.
The Internal Revenue Service announced that its third installment of covid-relief payments will include the booster, targeted at those who lost their jobs during the pandemic.
The “plus-up” payments are targeted at those who lost their jobs last year through the pandemicCredit: Getty
They will now be sent out on a weekly basis to those who may be eligible for larger Economic Impact Payments based on their tax returns from 2020 and 2019, which the IRS are currently still processing.
The “plus-up” will apply to people whose initial stimulus checks received in March were based upon 2019 tax returns rather than the recently filed 2020 tax returns.
The income cutoff is much lower than the first two checks, as after last month’s Economic Impact Payments began, which reduces payments to these earning $75,000 or above the Adjusted Gross Income.
If an individuals income is $80,000 or higher, they will not qualify for the payment.
Married couples filing joint returns will see reductions if they earn over $150,000 between them, and no payment will be administered to pairs with AGI’s over $160,000.
More than two million direct deposit payments, worth over $5 billion, have already been issued in the recent batch of relief, according to the IRS.
An additional two million paper checks, also worth over $5 billion, are now being issued.
The processing of the payments began on March 26 with an expected receival date of March 31.
Some Americans were still anticipating their payments from the first two batches because the IRS said they were lacking the information required to issue a payment.
But the recent filing of tax returns, which detail more particulars, are seeing payments fly out and some have found they now qualify for an Economic Impact Payment.
From Friday, funds will be sent to Social Security and other federal organizations who used a Non-Filers tool last year and didn’t file any tax returns from the last two years.
The IRS added, “These payments will go to Social Security retirement, survivor or disability, Supplemental Security Income, and Railroad Retirement Board beneficiaries.”
The official payment date for the majority of people, which have mostly been sent electronically, is set for April 7.
People acquiring Veterans Affairs benefits will face a lengthier wait, with the current IRS estimated payment date for VA’s who don’t regularly file tax returns thought to be mid-April.
The booster payments will now see a weekly rollout for those eligibleCredit: Getty