Mar 06, 2021
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About this Deal
A possible third round of stimulus payments could come soon, with checks of up to $1,400 per eligible adult. But before the federal government issues those payments, it's worth reviewing how the first two rounds went.
Those rounds of payments achieved their major objective: Getting money into the hands of Americans quickly so that they could continue to pay bills as the COVID-19 pandemic led to business closures, rising unemployment and other economic fallout.
As of mid-February, when the Internal Revenue Service shifted gears to focus on the tax-return filing season, the agency and Treasury Department had issued 160 million first-round payments to households totaling $270 billion, followed by 147 million second-round payments worth $142 billion.
The money helped keep the economy moving, allowing people to make mortgage or rent payments, meet other bills and avoid credit delinquencies and bankruptcies. The money boosted savings, revived consumer spending, rallied the stock market and got the economy back on a growth footing.