Cash Benefits

COVID-19: Economic Impact Payment

T + T

Summary

The third round of the Economic Impact Payments (EIP) was approved under the American Rescue Plan of 2021 which was passed and signed into law on March 11, 2021.

For more information on payments go to https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions#bank.

Summary of the Three Rounds of Payment

First Round Second Round Third Round
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by and signed into law on March 27, 2020.

Under the Act payments were up to $1,200 per adult and $500 per child under 17 years old.
The Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act of 2021 was passed and signed into law on December 27, 2020

Under the Act, a second round of payment were made available. Payments were up to $600 per eligible family member, $1,200 for married filing joint returns and $600 per dependent child under 17.
The American Rescue Plan (ARP) of 2021 was passed and signed into law on March 11, 2021.

Under the Plan, a third round of payments were made available. Payments were up to $1,400 for individuals or $2,800 for married couples, plus an additional $1,400 for each dependent.

Unlike the prior rounds of EIP, families received a payment for all their dependents claimed on a tax return, not just their qualifying children under 17.

How the Economic Impact Payments (EIP) Impact Public Benefit Programs

Click here for a chart on the impact of various COVID-19 programs.