Stimulus cash still going out
The Treasury department sent out 2.4 million payments, totaling $1.5 billion, since the initial mass distribution ended more than a month ago. Total so far: $93.4 billion.
NEW YORK (CNNMoney.com) -- The government sent out an additional 2.4 million stimulus payments, totaling $1.5 billion, since July 11, according to a statement from the Treasury department.
A total of $93.4 billion has been sent out to 114.8 million tax filers since the program was started in the spring, and the government is still working to distribute more checks.
By July 11, the government had mailed out 112 million stimulus payments totaling $92 billion. Those checks went to people whose 2007 tax returns were processed by April 15.
The government was still working to distribute stimulus checks to tax filers who obtained an extension on their 2007 tax return and to those Americans who qualify for a stimulus check, but may not normally file a tax return, according to Nancy Mathis, spokesperson for the IRS.
Roughly 10 million Americans requested an extension to file their tax return. The government is working to contact another 5.2 million - primarily retirees and veterans - to determine if they qualify, said Mathis.
The government said that tax filers who obtained an extension for the 2007 tax year must file by Oct. 15 in order to get a stimulus payment in 2008. If filers fail to get their tax return in by Oct. 15, there will still be an opportunity in 2009 to get the stimulus payment.
The stimulus program was enacted earlier this year in the wake of a slowdown tied to the credit crisis and the end of the housing boom.
The program did juice the economy. On Thursday, the Commerce Department said GDP, the broadest measure of the nation's economic activity, stood at an annual rate of 3.3% in the second quarter, adjusted for inflation. This reading was revised higher from an initial estimate of 1.9% growth.
To qualify for a stimulus payment, individuals and households must file a 2007 income tax return. Single taxpayers with adjusted gross income of less than $75,000 last year will get checks of as much as $600. Joint filers with adjusted gross income of less than $150,000 were eligible for a rebate of up to $1,200.