A total of 88 million Americans received economic impact payments totaling $158 billion within the first three weeks of the program, the IRS reported today. The IRS—which is expected to deliver a total of more than 150 million EIPs to individuals and households—also issued a state-by-state breakdown of the number and value of payments issued.
The IRS has also published a series of frequently asked questions on a range of topics including eligibility, how to request an EIP, how EIPs are calculated, receiving payments and more.
As EIPs are disbursed, the American Bankers Association is working to help unbanked consumers open bank accounts so they can receive their CARES Act payments electronically. The association recently unveiled a new webpage where consumers can find a partial list of institutions offering accounts that can be opened online and funded with an EIP.