In response to the COVID-19 pandemic, the United States government passed several economic relief packages, including three rounds of stimulus checks. The first, second, and third stimulus checks were intended to provide financial support to individuals and families impacted by the pandemic. In this article, we will discuss the amounts of each of these three stimulus checks.
- First Stimulus Check
The first stimulus check, also known as the Economic Impact Payment, was passed by Congress in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The goal of this stimulus check was to provide direct financial assistance to Americans who were struggling due to the pandemic.
The first stimulus check was a one-time payment of up to $1,200 per adult and up to $500 per child under the age of 17. The payment amount was based on the individual’s adjusted gross income (AGI) from their 2019 tax return or their 2018 tax return if they had not yet filed for 2019. Individuals with an AGI of $75,000 or less, and married couples filing jointly with an AGI of $150,000 or less, were eligible for the full payment amount. The payment amount gradually phased out for individuals with an AGI over $75,000 and married couples filing jointly with an AGI over $150,000.
- Second Stimulus Check
The second stimulus check, also known as the Coronavirus Response and Relief Supplemental Appropriations Act, was passed by Congress in December 2020. The goal of this stimulus check was to provide additional financial support to individuals and families who were still struggling due to the ongoing pandemic.
The second stimulus check was also a one-time payment, but the payment amount was lower than the first stimulus check. The payment was up to $600 per eligible individual and up to $600 per child under the age of 17. The payment amount was based on the individual’s AGI from their 2019 tax return or their 2020 tax return if they had already filed. Individuals with an AGI of $75,000 or less, and married couples filing jointly with an AGI of $150,000 or less, were eligible for the full payment amount. The payment amount gradually phased out for individuals with an AGI over $75,000 and married couples filing jointly with an AGI over $150,000.
- Third Stimulus Check
The third stimulus check, also known as the American Rescue Plan Act, was passed by Congress in March 2021. The goal of this stimulus check was to provide additional financial support to individuals and families who were still struggling due to the ongoing pandemic.
The third stimulus check was a larger payment than the second stimulus check, and it was also a one-time payment. The payment was up to $1,400 per eligible individual and up to $1,400 per dependent, including adult dependents. The payment amount was based on the individual’s AGI from their 2019 tax return or their 2020 tax return if they had already filed. Individuals with an AGI of $75,000 or less, and married couples filing jointly with an AGI of $150,000 or less, were eligible for the full payment amount. The payment amount gradually phased out for individuals with an AGI over $75,000 and married couples filing jointly with an AGI over $150,000.
Conclusion
In summary, the first stimulus check was a one-time payment of up to $1,200 per adult and up to $500 per child under the age of 17. The second stimulus check was a one-time payment of up to $600 per eligible individual and up to $600 per child under the age of 17.