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Release Date: February 24, 2022 Effects of Selected Federal Pandemic Response Programs on Personal Income, 2021Q4 Second (Billions of dollars, seasonally adjusted at annual rates) Line 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Government 6 Supplements to wages and salaries 7 Proprietors' income with IVA and CCAdj 8 Farm Of which: 1 Coronavirus Food Assistance Program 9 2 Paycheck Protection Program loans to businesses 10 11 Nonfarm Of which: 2 Paycheck Protection Program loans to businesses 12 13 Rental income of persons with CCAdj 14 Personal income receipts on assets 15 Personal interest income 16 Personal dividend income 17 Personal current transfer receipts 18 Government social benefits to persons 19 Social security 20 Medicare Of which: Increase in Medicare reimbursement rates 3 21 22 Medicaid 23 Unemployment insurance Of which: 4 24 Extended Unemployment Benefits 25 Pandemic Emergency Unemployment Compensation 26 Pandemic Unemployment Assistance 27 Pandemic Unemployment Compensation Payments 28 Veterans' benefits 29 Other Of which: Child tax credit 5 30 Economic impact payments 6 31 7 Lost wages supplemental payments 32 Paycheck Protection Program loans to NPISH 2 33 Provider Relief Fund to NPISH 8 34 35 Other current transfer receipts, from business (net) 36 Less: Contributions for government social insurance 37 Less: Personal current taxes 38 Equals: Disposable personal income (DPI) 39 Less: Personal outlays 40 Personal consumption expenditures 41 Personal interest payments Of which: Student loan forbearance 9 42 43 Personal current transfer payments 44 To government 45 To the rest of the world (net) 46 Equals: Personal saving CARES CCAdj IVA NPISH Levels 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 19,777.4 19,542.0 21,867.3 20,669.9 20,823.8 20,946.1 11,539.7 11,964.2 12,088.9 12,416.6 12,756.5 13,060.2 9,410.3 9,783.0 9,879.2 10,180.4 10,487.2 10,760.6 7,911.5 8,286.6 8,376.5 8,661.3 8,933.0 9,195.2 1,498.8 1,496.4 1,502.7 1,519.1 1,554.2 1,565.4 2,129.4 2,181.1 2,209.7 2,236.2 2,269.3 2,299.6 1,760.7 1,730.0 1,714.0 1,848.2 1,867.0 1,854.8 69.2 108.5 73.0 119.4 110.6 88.3 2020 Q4 -235.4 424.5 372.7 375.1 -2.4 51.8 -30.7 39.3 Change from preceding quarter 2021 Q1 Q2 Q3 2,325.3 -1,197.4 153.9 124.7 327.7 339.9 96.2 301.2 306.8 89.9 284.8 271.7 6.3 16.4 35.1 28.6 26.5 33.1 -16.1 134.2 18.8 -35.5 46.4 -8.8 Q4 122.3 303.7 273.3 262.2 11.2 30.4 -12.2 -22.4 18.4 8.7 1,691.5 46.2 2.6 1,621.5 0.9 4.9 1,640.9 14.3 11.3 1,728.7 8.7 7.0 1,756.3 1.2 0.8 1,766.5 27.8 -6.1 -70.0 -45.3 2.3 19.4 13.4 6.4 87.8 -5.5 -4.3 27.6 -7.5 -6.3 10.2 281.2 714.5 2,851.7 1,597.6 1,254.2 4,369.4 4,310.5 1,080.2 825.8 84.5 710.0 2,909.6 1,610.3 1,299.2 3,729.5 3,670.2 1,088.8 821.0 76.8 716.9 2,898.8 1,630.2 1,268.7 5,982.5 5,920.6 1,106.3 814.1 177.6 716.3 2,932.1 1,639.4 1,292.8 4,329.0 4,257.8 1,109.7 815.3 110.2 729.0 2,945.2 1,636.3 1,308.8 4,137.5 4,069.6 1,117.2 826.5 11.9 747.7 2,986.7 1,655.1 1,331.6 3,943.7 3,877.0 1,127.0 847.9 -196.7 -4.5 57.9 12.8 45.1 -639.9 -640.2 8.6 -4.8 -7.8 6.9 -10.7 19.8 -30.6 2,253.1 2,250.3 17.5 -6.8 100.9 -0.7 33.3 9.2 24.1 -1,653.5 -1,662.8 3.3 1.1 -67.5 12.7 13.1 -3.0 16.1 -191.5 -188.2 7.5 11.2 -98.3 18.7 41.6 18.8 22.8 -193.7 -192.6 9.8 21.3 14.4 690.4 767.8 14.3 678.3 299.9 14.2 695.9 565.8 14.1 730.5 480.4 14.3 775.0 272.3 14.6 781.6 37.6 -0.1 -12.0 -467.9 -0.2 17.6 265.9 0.0 34.6 -85.3 0.1 44.6 -208.1 0.3 6.5 -234.7 3.7 26.7 138.3 413.9 147.4 799.0 12.9 82.1 106.8 14.7 149.5 632.7 25.0 97.8 95.3 286.9 152.4 2,586.0 5.8 104.5 82.1 237.2 156.5 965.4 5.7 61.5 50.0 113.2 162.3 916.2 2.4 3.5 2.4 0.0 169.2 913.7 9.3 55.4 -31.4 -399.1 2.2 -166.2 12.0 15.7 -11.6 272.2 2.9 1,953.3 -19.2 6.8 -13.2 -49.7 4.1 -1,620.6 -0.2 -43.1 -32.0 -124.0 5.8 -49.2 -3.3 -58.0 -47.6 -113.2 6.9 -2.4 30.2 30.2 34.4 34.4 218.9 223.2 290.1 38.9 14.2 15.6 5.0 1,933.7 0.6 0.1 0.0 1.6 106.2 35.9 81.2 24.4 10.8 24.7 14.0 2.0 58.4 34.5 42.8 26.6 37.4 64.4 67.9 66.7 71.2 58.9 59.2 62.0 1,458.7 1,501.3 1,533.8 1,572.2 1,611.3 1,647.0 2,181.8 2,259.8 2,412.1 2,532.5 2,641.1 2,744.4 17,595.7 17,282.2 19,455.3 18,137.4 18,182.7 18,201.7 14,774.3 14,936.8 15,475.6 16,165.0 16,456.2 16,823.2 14,293.8 14,467.6 15,005.4 15,681.7 15,964.9 16,335.5 274.4 255.9 255.3 267.4 271.7 265.2 0.0 -10.5 -70.4 -56.8 -24.0 0.3 42.7 78.0 -313.5 162.4 173.8 -18.5 4.2 1,928.6 -34.2 -13.6 8.3 2.8 32.5 152.3 2,173.0 538.8 537.8 -0.6 0.0 -1,643.6 -1.0 13.9 -16.2 9.3 38.4 120.4 -1,317.9 689.4 676.3 12.1 184.5 -251.2 -0.5 -10.7 10.8 -3.3 39.1 108.6 45.3 291.2 283.2 4.3 4.2 -24.7 -0.1 -12.0 27.0 -1.2 35.8 103.3 19.0 366.9 370.5 -6.5 0.0 7.1 0.5 6.7 -475.9 0.0 1.6 0.5 1.1 1,634.2 0.0 1.1 0.7 0.4 -2,007.3 0.0 3.7 0.8 2.9 -245.9 0.0 3.0 0.7 2.3 -348.0 -37.8 206.1 114.3 91.8 2,821.3 -37.8 213.2 114.8 98.4 2,345.5 -37.8 214.8 115.3 99.5 3,979.7 -37.8 215.9 116.0 99.9 1,972.4 -37.8 219.6 116.8 102.8 1,726.4 -37.8 222.6 117.5 105.1 1,378.5 -Coronavirus Aid, Relief, and Economic Security -Capital consumption adjustment -Inventory valuation adjustment -Nonprofit institutions serving households 1. The Coronavirus Food Assistance Program, initially established by the CARES Act, provides direct support to farmers and ranchers where prices and market supply chains have been impacted by the COVID19 pandemic. 2. The Paycheck Protection Program, initially established by the CARES Act, provides forgivable loans to help small businesses and nonprofit institutions make payroll and cover other expenses. It also provides funding to reimburse private lending institutions for the costs of administering these loans. For more information, see How does the Paycheck Protection Program impact the national income and product accounts (NIPAs)? 3. A two percent reduction in reimbursements paid to Medicare service providers that went into effect in 2013 was initially suspended by the CARES Act. The resulting increased reimbursement rates went into effect beginning on May 1, 2020. 4. Unemployment insurance benefits were expanded through several programs that were initially established through the CARES Act. For more information, see How will the expansion of unemployment benefits in response to the COVID-19 pandemic be recorded in the NIPAs? 5. The American Rescue Plan increased the Child Tax Credit to $3,000 per child over the age of six and $3,600 for children under the age of six, and raised the age limit from 16 to 17. It also authorized that up to half of these credits could be distributed through advance payments during the tax year, while the rest would be claimed when parents file tax returns the following year. 6. Economic impact payments, initially established by the CARES Act, provide direct payments to individuals. For more information, see How are federal economic impact payments to support individuals during the COVID-19 pandemic recorded in the NIPAs? 7. The Federal Emergency Management Agency (FEMA) was authorized to make payments from the Disaster Relief Fund to supplement wages lost as a result of the COVID-19 pandemic. 8. The Department of Health and Human Services distributes money from the Provider Relief Fund to hospitals and health care providers on the front lines of the coronavirus response. This funding supports health care-related expenses or lost revenue attributable to COVID-19 and ensures uninsured Americans can get treatment for COVID-19. In the NIPAs, funds provided to nonprofit hospitals are recorded as social benefits. 9. Interest payments due on certain categories of federally-held student loans were initially suspended by the CARES Act. For more information, see How does the federal response to the COVID-19 pandemic affect BEA's estimate of personal interest payments? NOTE: For national statistics, BEA publishes the total level at an annualized rate. BEA does this so that monthly estimates can be easily compared to quarterly estimates included in BEA's quarterly gross domestic product report, for example. To be consistent, the figures in this table also are annualized. For more information, see Why does BEA publish estimates at annual rates? on BEA's website. Data on this table will be superseded by updated estimates. Source: U.S. Bureau of Economic Analysis Release Date: February 24, 2022 Effects of Selected Federal Pandemic Response Programs on Personal Income, 2021 Second (Billions of dollars) Levels Line 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Government 6 Supplements to wages and salaries 7 Proprietors' income with IVA and CCAdj 8 Farm Of which: Coronavirus Food Assistance Program 1 9 Paycheck Protection Program loans to businesses 2 10 11 Nonfarm Of which: Paycheck Protection Program loans to businesses 2 12 13 Rental income of persons with CCAdj 14 Personal income receipts on assets 15 Personal interest income 16 Personal dividend income 17 Personal current transfer receipts 18 Government social benefits to persons 19 Social security 20 Medicare Of which: Increase in Medicare reimbursement rates 3 21 22 Medicaid 23 Unemployment insurance Of which: 4 24 Extended Unemployment Benefits 25 Pandemic Emergency Unemployment Compensation 26 Pandemic Unemployment Assistance 27 Pandemic Unemployment Compensation Payments 28 Veterans' benefits 29 Other Of which: Child tax credit 5 30 Economic impact payments 6 31 Lost wages supplemental payments 7 32 Paycheck Protection Program loans to NPISH 2 33 Provider Relief Fund to NPISH 8 34 35 Other current transfer receipts, from business (net) 36 Less: Contributions for government social insurance 37 Less: Personal current taxes 38 Equals: Disposable personal income (DPI) 39 Less: Personal outlays 40 Personal consumption expenditures 41 Personal interest payments Of which: Student loan forbearance 9 42 43 Personal current transfer payments 44 To government 45 To the rest of the world (net) 46 Equals: Personal saving CARES CCAdj IVA NPISH 2016 2017 2018 2019 2020 2021 16,096.9 16,850.2 17,706.0 18,424.4 19,627.6 21,076.8 9,966.1 10,426.1 10,959.5 11,447.7 11,572.2 12,580.5 8,091.2 8,474.7 8,900.5 9,323.5 9,444.1 10,326.8 6,783.2 7,126.7 7,499.1 7,873.3 7,949.6 8,791.5 1,308.0 1,348.0 1,401.4 1,450.2 1,494.5 1,535.4 1,874.9 1,951.5 2,059.0 2,124.2 2,128.0 2,253.7 1,423.3 1,505.8 1,580.4 1,598.9 1,650.0 1,821.0 34.1 39.5 38.9 38.4 70.2 97.8 2017 753.3 460.0 383.4 343.5 40.0 76.6 82.5 5.4 Change from preceding year 2018 2019 2020 855.8 718.4 1,203.2 533.4 488.2 124.4 425.8 423.0 120.6 372.4 374.2 76.3 53.4 48.8 44.3 107.6 65.2 3.9 74.6 18.5 51.1 -0.5 -0.5 31.7 2021 1,449.2 1,008.4 882.7 841.9 40.8 125.7 170.9 27.7 ... ... 1,389.2 ... ... 1,466.4 ... ... 1,541.5 ... ... 1,560.5 20.4 4.4 1,579.9 6.3 6.0 1,723.1 ... ... 77.2 ... ... 75.1 ... ... 19.0 20.4 4.4 19.4 -14.1 1.6 143.3 ... 626.6 2,542.6 1,465.2 1,077.4 2,777.0 2,717.3 896.5 662.1 ... 652.7 2,707.9 1,553.4 1,154.5 2,856.4 2,807.6 926.1 692.5 ... 681.9 2,868.3 1,615.0 1,253.3 2,976.3 2,926.1 972.4 734.9 ... 692.1 2,968.0 1,652.0 1,316.0 3,139.1 3,083.1 1,030.7 785.7 140.9 711.6 2,912.1 1,614.4 1,297.8 4,241.1 4,181.3 1,077.9 819.2 94.1 727.5 2,940.7 1,640.2 1,300.5 4,598.2 4,531.2 1,115.0 826.0 ... 26.1 165.3 88.2 77.1 79.3 90.3 29.6 30.4 ... 29.2 160.4 61.6 98.8 120.0 118.5 46.3 42.4 ... 10.2 99.7 37.0 62.7 162.8 157.0 58.3 50.8 140.9 19.5 -55.9 -37.7 -18.2 1,102.0 1,098.1 47.2 33.5 -46.8 15.9 28.6 25.9 2.7 357.1 350.0 37.1 6.8 ... 562.8 32.0 ... 573.8 30.2 ... 589.8 27.7 ... 614.0 27.6 9.6 657.3 536.6 14.3 745.7 339.0 ... 11.0 -1.9 ... 16.0 -2.4 ... 24.2 -0.2 9.6 43.2 509.1 4.7 88.5 -197.6 ... ... ... ... 96.8 467.1 ... ... ... ... 111.4 473.6 ... ... ... ... 119.7 481.5 ... ... ... ... 130.9 494.2 4.2 28.8 79.9 281.9 145.5 944.7 9.7 66.8 57.4 159.3 160.1 1,345.3 ... ... ... ... 14.6 6.5 ... ... ... ... 8.3 7.9 ... ... ... ... 11.2 12.6 4.2 28.8 79.9 281.9 14.6 450.5 5.6 38.0 -22.4 -122.5 14.6 400.6 ... ... ... 127.7 ... ... ... ... ... 274.7 569.2 ... ... ... ... 35.5 0.6 … ... ... ... ... 40.7 12.9 ... ... ... ... 63.8 42.8 50.2 56.0 59.9 67.0 59.7 48.7 1,238.8 1,298.8 1,360.5 1,421.4 1,459.5 1,591.1 1,958.2 2,049.0 2,076.3 2,205.1 2,195.6 2,582.5 14,138.7 14,801.2 15,629.7 16,219.3 17,432.0 18,494.2 13,150.8 13,724.8 14,438.8 14,981.5 14,544.5 16,230.0 12,693.3 13,239.1 13,913.5 14,428.7 14,047.6 15,746.9 272.8 291.6 321.0 340.4 285.4 264.9 ... ... ... ... ... -11.0 59.9 90.8 662.5 574.0 545.8 18.8 ... ... ... ... ... 1.5 61.7 27.3 828.5 714.0 674.4 29.4 ... ... ... ... ... 5.7 61.0 128.8 589.6 542.7 515.1 19.4 ... 274.7 35.5 40.7 63.8 3.9 38.0 -9.6 1,212.8 -437.0 -381.1 -54.9 127.7 294.6 -34.9 -27.8 -21.0 7.1 131.7 387.0 1,062.2 1,685.5 1,699.3 -20.5 ... 9.3 4.1 5.2 88.6 ... 10.1 6.5 3.7 114.5 ... 8.2 4.6 3.6 46.8 -30.2 -0.9 -4.0 3.1 1,649.7 -7.6 6.7 1.8 4.9 -623.3 ... 184.8 103.4 81.4 987.8 ... 194.1 107.5 86.7 1,076.4 ... 204.3 113.9 90.3 1,190.9 ... 212.4 118.6 93.9 1,237.8 -30.2 211.5 114.6 96.9 2,887.5 -37.8 218.2 116.4 101.8 2,264.2 -Coronavirus Aid, Relief, and Economic Security -Capital consumption adjustment -Inventory valuation adjustment -Nonprofit institutions serving households 1. The Coronavirus Food Assistance Program, initially established by the CARES Act, provides direct support to farmers and ranchers where prices and market supply chains have been impacted by the COVID-19 pandemic. 2. The Paycheck Protection Program, initially established by the CARES Act, provides forgivable loans to help small businesses and nonprofit institutions make payroll and cover other expenses. It also provides funding to reimburse private lending institutions for the costs of administering these loans. For more information, see How does the Paycheck Protection Program impact the national income and product accounts (NIPAs)? 3. A two percent reduction in reimbursements paid to Medicare service providers that went into effect in 2013 was initially suspended by the CARES Act. The resulting increased reimbursement rates went into effect beginning on May 1, 2020. 4. Unemployment insurance benefits were expanded through several programs that were initially established through the CARES Act. For more information, see How will the expansion of unemployment benefits in response to the COVID-19 pandemic be recorded in the NIPAs? 5. The American Rescue Plan increased the Child Tax Credit to $3,000 per child over the age of six and $3,600 for children under the age of six, and raised the age limit from 16 to 17. It also authorized that up to half of these credits could be distributed through advance payments during the tax year, while the rest would be claimed when parents file tax returns the following year. 6. Economic impact payments, initially established by the CARES Act, provide direct payments to individuals. For more information, see How are federal economic impact payments to support individuals during the COVID-19 pandemic recorded in the NIPAs? 7. The Federal Emergency Management Agency (FEMA) was authorized to make payments from the Disaster Relief Fund to supplement wages lost as a result of the COVID-19 pandemic. 8. The Department of Health and Human Services distributes money from the Provider Relief Fund to hospitals and health care providers on the front lines of the coronavirus response. This funding supports health care-related expenses or lost revenue attributable to COVID-19 and ensures uninsured Americans can get treatment for COVID-19. In the NIPAs, funds provided to nonprofit hospitals are recorded as social benefits. 9. Interest payments due on certain categories of federally-held student loans were initially suspended by the CARES Act. For more information, see How does the federal response to the COVID-19 pandemic affect BEA's estimate of personal interest payments? Data on this table will be superseded by updated estimates. Source: U.S. Bureau of Economic Analysis
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