As of May 18, the IRS has sent out 140 million stimulus checks, with around 10 million more to send. The funds are expected to help people pay their expenses and jump-start the economy, which has been in decline since the coronavirus hit U.S. soil.
This money — $1,200 for individuals with adjusted gross income (AGI) of $75,000 or less, $2,400 for couples filing taxes jointly with AGI of $150,000 or less, plus $500 for each child under 17 — is double the amount Americans received in 2008, when individuals got up to $600 to help them weather the recession.
Lawmakers are debating whether to release a second round of stimulus money. The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, H.R. 6800, which was passed by the House of Representatives on May 15, would give individual Americans a second $1,200 check ($2,400 for married couples), plus $1,200 for each dependent (up to three dependents).
Much of what individuals will do with the money depends on…