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Tuesday, July 16, 2024

Social distancing, remote learning, and stimulus payments — the COVID-19 pandemic brought us all into a myriad of brand-new concepts.

The 6-foot rule has been thrown out of the window (thank God! ) the stimulus checks are still hanging around. However, instead of providing a stimulus update to provide pandemic relief, state officials have been cutting stimulus checks to alleviate the burden of the record-high price of inflation and gasoline prices. There’s even talk of an inflation-related stimulus check from the federal government.

Do you think there’s additional stimulus money heading for you in the near future? Let’s look.

A Stimulus Review: Could There Be A Stimulus Check to Identify Inflation?

We’ve all experienced the agony of having to pay rising prices for gasoline, groceries, and all sorts of other things. In order to combat the rise in inflation, over 20 states have opted to issue checks to stimulate inflation.

Every state has different rules for its inflation-related stimulus update programs. Certain states offer tax-free rebates, while others are making direct payments that can range between $50 and over $1,000. (Spoiler alert It’s California which is sending these huge checks.)

Congress is also looking at the possibility of distributing 100 dollars gasoline rebate cheque to all (regardless regardless of driving or non-driving) during each month when the average price of gas in the United States is more than $4. However, so far this Gas Rebate Act of 2022 hasn’t been able to gain much momentum, and so has the concept of an federal holiday for gas taxes.

Is There Going to Be A Recession Stimulus Payment?

If you missed it in the last few days, it appears that the U.S. economy is in an extremely mild economic recession (emphasis upon moderate). So, when will Uncle Sam begin sending economic stimulus checks to the economy? It’s possible in the future, but not right now.

It may be surprising however, stimulus checks actually existed long before COVID! The government issued stimulus update checks in the recessions of 2001 and 2008 in an effort to increase consumer spending. The average person received $300. This isn’t even close to three huge stimulus checks people received during the pandemic.

The concept behind an economic stimulus is to aid those who struggle in their ability to make ends meet, and also to kick-start consumer spending. It’s not going to be a good idea in the present, since the idea of giving consumers more money to spend will increase inflation, which is already spiraling out of control.

Congress is currently not contemplating any recession stimulus bills, but you’ll never know what these guys (and girls) are working on.

Are There Going to be a Fourth Stimulus Funding Check from the Federal Government?

Some lawmakers advocated for an additional stimulus check to aid Americans who were struggling to recover from COVID-19 and its economic effects. However, that stimulus never came to fruition.

The economy and employment in general on the rise following the nation’s decision to reopen, a second federal stimulus package didn’t seem essential. Some states took matters in their own hands and issued four stimulus checks to residents of their state.

What is the reason states are giving out an additional stimulus check?

The whole thing began back in the year in the year 2000, the American Rescue Plan rolled out. States were granted $195 billion to aid in their own economic recovery in the State level.1 But they don’t need for a long time to spend the money. States must decide what they will spend it on at 2024’s end, and they’ll will have until 2026 to use the entire cash.2 It may sound like a long time, however, the time is running out.

Certain states have distributed their state-specific form of stimulus update checks to all citizens, and other states are targeting it toward particular groups such as teachers. And the other states? They haven’t yet put aside all of it yet.

Certain states such as Colorado, Maryland, and New Mexico have issued incentive checks to people who earn less than a specific amount or were in unemployed. At present, California is the only state that has large-scale stimulus checks. States like Florida, Georgia, Michigan, Tennessee and Texas are giving the payment of $1,000 in bonuses to teachers.

How Many Checks for Stimulus Have You Seen?

If you’re like most and have been following the news the months since March 2020 have been an unrecorded blur, including the number of stimulus checks that were issued and when the checks were sent out. Here’s a quick reminder.

The first stimulus check is March 2020 $1,200

Second stimulus check From December 2020 until January 2021 – – $600

3rd stimulus checks: March 2021 1400$ 

What is a Plus-Up?

A bonus payment is an extra amount you could have received when you first made your tax filing. The IRS is actually owed more to certain people due to the tax return they filed. If you believe that the IRS utilized your tax returns to calculate the stimulus update funds, however, your 2020 tax returns reveal that you were not paid the correct amount, you could qualify for a bonus-up amount based on your income. However, it’s not only for those with any change in their the amount of income they earn or their dependents (like having a child) could be eligible for additional stimulus funds.

What was the date when the third Stimulus Check was Approved?

In the past, you’ve learned the story of how the third stimulus check came through just as many Americans got their second $600 stimulus payment by Treasury of the U.S. Treasury during the coronavirus outbreak Biden’s $1.9 trillion American Rescue Plan included an additional threerd stimulus payment of $1400.

The American Rescue Plan passed first in the House before moving to the Senate and was approved by President Biden in March 2021. The bill was pushed by lawmakers to take effect before COVID-19-related unemployment benefits ran out at the end of March 2021. And they met their deadline on time.

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What’s the Cost of the Third Stimulus Check?

The third round of stimulus checks contained the $1,400 per person ($2,800-per-couple) straight payment. This is more than the $600 that many people who qualify already received as part of the COVID-19 package of relief. Congress approved that package in December in 2020 to provide a total of $2,000 in stimulus payments to each individual. So, what did you get from your third stimulus check? Find out using the calculation of stimulus!

The stimulus funds are part of Biden’s larger COVID-19 relief program that increased the Child Tax Credit as well as increased unemployment benefits for those losing their job due to the COVID-19 outbreak as well as raised the Child and Dependent Care Credit and offered more assistance to landlords and renters. Yes, that’s ominous.

What was the timeline for the Third Stimulus Check?

Once the bill cleared all the hurdles, people who are eligible were able to receive their stimulus funds before the month of March 2021 had ended. The IRS and U.S. Treasury have been prompt in delivering previous stimulus update checks. The December 2020 payments were received by the majority of people via direct payment after a few days after President Donald Trump signed the legislation. 

Who is eligible to apply for the Third Stimulus Check?

In the initial two stimulus funds, single taxpayers who earn up to $75,000 per year, and couples who earn up to $150,000 per year (based on the tax returns of 2019) could receive the entire amount. Families also received funds for every dependent child younger than the age of 17.9,10

These income limits did not change with the 3rd stimulus package, even though it targeted the money toward those with lower incomes. In the American Rescue Plan, payments are phased out for single filers earning between $75,000 and $80,000, and couples earning Between $150,000 to $160,000. 

The eligibility criteria for the third stimulus check were also increased to include any dependents who are not children. Taxpayers who supported certain dependents eligible for support age 17 and over could receive more funds too.

What will you receive from the 3rd Stimulus Check?

A majority of people received their prior stimulus checks via direct deposit to the bank account that is on file with the IRS. The payments were automatic for those who had filed a tax return and/or received Social Security benefits. If you don’t have direct deposits with the IRS the payment will take a bit longer and arrive via check or debit card via mail. See more information techfily

Jack henry
Jack henry
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