Some Americans were able to get through hard times financially because to government stimulus check payments granted in 2020 and 2021 during the epidemic, and others were able to start saving money. No additional stimulus monies appear to be planned after the immunizations and health initiatives for the public have reportedly subdued the virus.
Early within epidemic, in March 2020, Congress moved quickly to pass the Coronavirus Aid, Relief and Economic Security (CARES) Act. Individuals having net income with less than $75k or couples submitting joint tax filings at $150k received stimulus check grants of $1.2k for adults and five-hundred dollars for children below the age of 17.
In December 2020, the Tax Relief Act of 2020, which permitted an additional six-hundred dollars stimulus check for each person and $600 for every eligible kid, was approved. The March 2021 American Rescue Plan provided an additional $1,400 for qualified people or $2.8k for married couples, with an additional $1,400 for each eligible dependant.
Reasons There Are Never Gonna Be Another Stimulus Check:
Employees of non-essential companies were abruptly laid off when such companies shut down during the initial stages of the epidemic. In accordance with the U.S. Bureau of Labor Statistics, the rate of unemployment rose by 10.3 percentage points to 14.7% in April 2020. Since the statistics have been collected since January 1948, that was both the biggest rate, also the biggest monthly rise.
However, the unemployment rate in August of this year reached 3.7%, which was almost the numbers of the pre-pandemic average with 3.5% in February of 2020. Contrary to the epidemic, most people who desire to work are employed. In actuality, there is now a labour scarcity.
Small and big enterprises have had difficulty rehiring former employees or finding new ones since the relaxation of COVID-19 safety restrictions allowed them to reopen. Some workers have completely quit their jobs, while others are still afraid of COVID-19, can’t find child care, or can’t afford to commute because of rising gas prices.
