Since March 2019, the world has been in a state of international crisis; the COVID-19 pandemic has turned our lives upside down, and in the meantime, there is no end in sight to the pandemic. Aside from the health crisis, the pandemic has also caused a financial blow; many people have lost their jobs, not knowing when their next check will come in. Governments around the world, the USA included, have taken things to their own hands, launching financial recovery programs. In the United States, eligible taxpayers received a stimulus check to help ease the burden. How does the recovery program work? Here is a quick overview:
Stimulus Check Program in the United States
To help keep businesses and families afloat, there is a need for cash. When people have money, they spend it on necessities, as well as non-essential goods. The direct result is an economic flow, that allows businesses to keep their doors open; employees can keep their jobs, and the machine continues to operate.
During the pandemic, many people have lost their job security, leading to an economic dwindle. To infuse the economy with funds for recovery, the USA government has issued Economic Impact Payments. As of January 2022, there have been three rounds of such payments:
First stimulus check: $1,200 for eligible individuals with an adjusted gross income of $75,000 annually. Married/joint filers received a payment of $2,400 for joint incomes of up to $150,000 annually. An additional $500 were paid per every dependent under the age of 17.
Second stimulus check: $600 for eligible individuals with an adjusted gross income of $75,000 annually. Married/joint filers received a payment of $1,200 for joint incomes of up to $150,000 annually. An additional $600 were paid per every dependent under the age of 17.
Third stimulus check: $1,400 for eligible individuals with an adjusted gross income of $75,000 annually. Married/joint filers received a payment of $2,800 for joint incomes of up to $150,000 annually. An additional $1,400 were paid per every dependent under the age of 17.
Will there be a fourth stimulus check?
As the COVID-19 continuing to impact global and local economies, there are discussions of granting a fourth stimulus check to eligible taxpayers.
It is currently no clear plan for a fourth round of stimulus checks. There is no sum and no date for the checks. The economy is showing signs of recovery, and it is possible that there will not be a fourth round in the Economic Impact Payments.If you are an eligible taxpayer and have not received the full amounts that you deserve, you can file to get your stimulus checks.
Local governments have set up websites that are dedicated to checking eligibility and missing funds. You can find out if there is a stimulus check that is waiting for you on your local government’s website. To be up-to-date on stimulus payments, go to the stimuluscheck.io website and blog, and check your local news and IRS website.
