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The IRS and Treasury Department said they are disbursing more than 25 million payments in the fourth batch of Economic Impact Payments under the American Rescue Plan.
New Batch: The latest batch — which has a total value of more than $36 billion— began processing April 2 with an official payment date of April 7.
Total: The new batch brings the current round of EIPs to roughly $372 billion. Some 85 percent have been made via direct deposit, up from 74 percent in the first round of payments and 77 percent in the second round. Another 3.1 million Direct Express cardholders have received payment electronically.
Expected Use: Separately, the Federal Reserve Bank of New York issued survey results that found an average 25 percent of EIP3s will be spent on consumption, including 13 percent on essential items and 8 percent on non-essential items.
Resources: The IRS recently issued updated FAQs on the EIPs. More information is available from ICBA and the federal Get My Payment portal.