The US government will be sending out a round of stimulus checks, and you might be eligible for one. Here’s everything you need to know about the $2,000 checks.
The Trump administration might be planning to give out another stimulus check as relief. The stimulus check is being described as a form of direct financial relief for the citizens. Neither the government nor policymakers have confirmed the news of the checks, but the possibility is being discussed.
Since the checks being rolled out aren’t confirmed, the criteria for eligibility haven’t been decided either. But the eligibility criteria are sure to be similar to the ones previously received by the citizens.
An individual with an income up to $75,000 will likely be eligible for the check. Spouses with a joint income of up to $150,000 are also likely to qualify to receive the check. Like previous stimulus checks, the payments will phase out depending on the Adjusted Gross Income.
The individual will also have to be a US citizen or a permanent resident who possesses a Social Security number. Non-residents and people who do not have their own SSI won’t qualify for any payments.
Breaking News: Here’s how to see if you are eligible for $600 stimulus checks. (The House Democrats & 44 Republicans just passed a bill to increase this amount to $2,000.)
For those of you receiving Social Security Disability, you are eligible as with the last checks. pic.twitter.com/eSuw4yVKXQ
— Peter Morley (@morethanmySLE) December 28, 2020
Households with dependents will benefit from the checks. Families with dependents will likely receive additional amounts per dependent. If a bill to roll out the round of stimulus checks is passed, you could probably expect it to reach you in the second half of 2025.
No official date for the rollout has been declared yet. The check will be deposited into your accounts in the form of direct deposits if you have mentioned the information on your tax returns. Others can expect the payment through paper checks or debit cards.
The biggest reason to send out the stimulus checks could be to initiate an economic boost. Citizens receiving a stimulus check directly result in increased consumer spending. The same would give businesses a boost and increase tax revenue.
You can’t make this up:
The IRS is sending up to $1,400 to 1 million tax filers who qualified for pandemic stimulus checks in 2021, but didn’t claim them, per CNBC.
Pandemic stimulus is still being paid out. pic.twitter.com/KU6fsyBSqW
— The Kobeissi Letter (@KobeissiLetter) December 23, 2024
It would also help people amidst skyrocketing prices and inflation. The prices for groceries, fuel, and rent have only gotten higher over the past year. The stimulus checks could serve as an aid for families who are struggling financially.
The third factor to consider is the post-pandemic debt that a lot of US citizens are dealing with. People were unable to make their rent and mortgage payments when the pandemic hit. The check would be a means to help people with post-pandemic recovery.
Discussion of alternatives for the fourth stimulus is also being discussed simultaneously. Expanded child tax credits and unemployment benefit extensions could be a few options that the government might explore.
