Stimulus Check Update
During a time when we all have so much to worry about, you probably don’t have a lot of time to focus on other things. This is why you should make sure you are keeping up with the latest stimulus check update. The latest updates to the stimulus check are important to you, and to everyone who uses this payment method.
Whether you’re new to the stimulus checks or you already know about them, you may be wondering what the income and payment thresholds are. This information is updated with the latest bill and should help you make the most of your stimulus check.
For instance, couples can receive up to $2,800. For single filers, the payment is up to $1,400. If your household earns more than $75,000, your stimulus check will be reduced.
Payment thresholds are also different than those for the first two rounds of checks approved in 2020. The household income thresholds are a bit more complicated to calculate, but they are fixed.
For example, if you’re a single filer, you’re not eligible for a stimulus check if your AGI exceeds $75,000 or $110,000, whichever is higher. On the other hand, if you’re a married couple filing jointly, you’re eligible for a stimulus check if your combined income is under $150,000.
During the Coronavirus/Covid-19 pandemic, many states rolled out extra pandemic-related support. This included the U.S. Small Business Administration’s relief program for businesses.
There is a surprisingly large amount of economic assistance available to the average American. The government has been working to reduce the strain on its financial resources. In particular, COVID relief payments and other federal financial support are available to Americans in need.
The Treasury Department coordinated three rounds of fast direct relief payments. The first two checks will be sent out to Americans across the country. However, the third will be sent only to California residents. This is the most generous state-sponsored relief initiative to date.
The most important point to keep in mind is that you won’t receive all of the money this time around. Some people will receive only the tiniest fraction of the money. That being said, there are still a number of options for those who want to make the most of this money-saving government program.
During the third round of stimulus checks, the IRS issued more than 169 million direct payments to households across the country. Those checks ranged from $1,200 for households with income below the poverty level to $1,400 for those with income above the cutoff. Some families received a second $500 payment for their dependent children.
The idea of recurring stimulus checks has gained momentum over the past few months. A group of 150 economists drafted a letter to Congress urging for additional payments. They claimed the direct cash payments help drive consumer spending, create economic stability, and boost economic security at all levels of government.
The letter is being supported by scores of lawmakers, including House Progressives. The letter notes that recurring payments are necessary for working families coping with a pandemic.
Some Senators have also called for additional direct cash payments. Twenty-one Senate Democrats wrote a letter to President Joe Biden in support of recurring stimulus checks. They argued that the first three one-time payments haven’t been enough to sustain working families coping with a pandemic.