Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Top 10 states that received the most stimulus checks

By Vikas Shukla. Originally published at ValueWalk.

Top 10 states that received the most stimulus checks

Unemployment rate has touched a record high due to the coronavirus-induced economic turmoil. The Internal Revenue Service (IRS) and the Treasury Department have revealed that they have sent more than $200 billion in stimulus checks aka Economic Impact Payments in the first four weeks of the program. The IRS has also provided state-by-state data on payments. Let’s take a look at the top 10 states that have received the most stimulus checks.


Q1 2020 hedge fund letters, conferences and more

As of May 8th, about 130 million Americans have received their stimulus checks as part of the CARES Act signed by the Congress. Approximately 150 million people are still waiting for their payments, according to the newly revealed data. IRS Commissioner Chuck Rettig said that the vast majority of payments were “delivered in record time.” He assured the remaining people that they would get their checks fast.

The IRS had given people still waiting for their money until May 13 to submit their direct deposit information for quick payments. Those who missed the deadline will have to wait for a check in the mail, which will likely arrive in late May or early June.

The US Congress approved the $2 trillion CARES Act in March to provide emergency relief to American individuals and businesses. As part of the program, the government is sending stimulus checks of up to $1,200 per individual or $2,400 if you are a married couple. The amount is $500 for children under the age of 17.

The stimulus checks are aimed at helping the low- and middle-income Americans navigate the crisis. The $1,200 stimulus checks are for people earning up to $75,000 per person or $150,000 for married couples. The checks get smaller in size if your income is higher than that. Individuals earning more than $99,000 a year and couples filing jointly earning above $198,000 are not eligible for the Economic Impact Payments.

States that received the most stimulus checks

Top 10 states that received the most stimulus checks

California was the biggest recipient of the stimulus payments. Its residents received a total of 13.56 million checks worth $22.46 billion. It shouldn’t surprise anyone considering California is the most populous state in the country with nearly 40 million residents. It was followed by Texas, which received 10.72 million checks with a combined value of $18.79 billion

Florida was not far behind with $15.17 billion. New York occupied the fourth spot with 7.73 million checks totaling $12.52 billion. It was followed by Pennsylvania, Ohio, Illinois, Michigan, North Carolina, and Georgia.

States with the highest average amount of payments

The average amount of payment also varies from state to state. It could be due to a variety of reasons including whether the person receiving the checks is single, files taxes jointly with spouse, and has children. Married couples who file their taxes jointly receive the stimulus checks together.

The average payment in Utah was $1,944. Utah happens to have the largest average household size in the US, which explains the high average payment. In the District of Columbia it was $1,386, meaning there was a $558 difference between the largest and smallest payment. The DC area has relatively more smaller families and singles.

For the entire country, the average stimulus check is $1,699 (total money sent divided by the total number of payments). Given the prolonged lockdown, these stimulus checks are not going to be enough for millions of Americans.

The government has also distributed hundreds of billions of dollars to small businesses via its Payroll Protection Program (PPP). But many large and financially healthy corporations have also secured massive amounts of money that should have ideally gone to ailing small businesses. Nobody hates free money.

The post Top 10 states that received the most stimulus checks appeared first on .

Sign up for ValueWalk’s free newsletter here.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!