Coloradans received over $6 billion in the third round of economic impact payments, federal data shows. This 2017 photo displays the U.S. Treasury Department building in Washington, D.C. A legislative proposal passed 289-135 in the House of Representatives which will require Treasury Department officials to publish a report chronicling the financial assets of Iran’s top leaders. (AP Photo/Pablo Martinez Monsivais) Pablo Martinez Monsivais
Coloradans received over $6B in third round of economic impact payments, feds say
Robert Davis, The Center Square July 01, 02:00 PM July 01, 02:00 PM
Coloradans received over $6 billion in the third round of economic impact payments, federal data shows.
The total represents a nearly $2.3 billion increase from the first round of payments. According to data from the Treasury Department and the Internal Revenue Service, over 2.7 million payments were made in the state. Of that total, over 2 million were filed by individuals without qualifying dependents.
Individuals with qualifying dependents filed over 676,000 claims, and received an average payment of over $2,400, the data shows.
Individuals without dependents received $1,400 stimulus payments while those with dependents received an additional $1,400 per dependent in the third round. During the first two rounds, people with dependents received $500 and $600 per dependent, respectively.
Payments were distributed to single-earners making $75,000 per year or less, or married households making less than $150,000. Qualified dependents include kids, college students, and seniors.
Through early June, the Treasury Department made over 163 million payments to over 138 million households, the data shows. That amounts to over $390 billion in total stimulus payments.
All 50 states saw an increase in stimulus payments as well, the department said. Meanwhile, half of the payments went to households making less than $50,000 per year, and 85% of the payments went to multi-income households that earn less than $100,000.
According to the Treasury Department, 90 million payments were issued within the first week of Congress passing the American Rescue Plan.
Across the country, families with qualifying dependents saw a significant increase in stimulus funding compared to the first two rounds. The Treasury Department said these families received a total of $108 billion during the third round, an increase of almost $78 billion from the first round.
At the same time, more payments were sent via direct deposit than other rounds. The third round saw 85% of payments sent via direct deposit compared to just 77% during round two.
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