Stimulus Check 2023 Update

stimulus check

Several states are still paying their citizens while the national stimulus checks have been consigned to history. This year, 14 states are issuing stimulus checks in the form of tax refunds. Over 476,000,000 payments worth $814 billion for monetary relief were made to individuals and families who had been severely affected by the epidemic and its economic repercussions during the pandemic’s peak in 2020 and during the initial two quarters of 2021. 

Inaccuracies in the issuance of stimulus checks during the first two installments of economic impact payments to Americans with moderate to low incomes resulted in the loss of millions of Dollars. 

New Stimulus Checks Seem Unlikely

Based on information gathered from other agents, the federal government sent letters to around ten million families in an effort to correct this issue. It was for the final stimulus payment, which included the expanded Child Tax Credit and the Earned Income Tax Credit.

After the first lockdown in March 2020 was announced, the initial wave of stimulus money started to be distributed. 

Couples who were married and filing jointly got twice as much as single filers, who received a mere $1,200. As a result of the CARES Act, each child received $500.

By the conclusion of June 2022, the inflation rate was 9.1%. Funds from the Rescue Plan and surplus tax revenue, particularly in the last two quarters of 2021 as the US experienced a mini-boom, were used to support the state effort. The majority of the stimulus payments were made in the form of automatic rebates, that were either required by state law or negotiated as part of it. The act was intended to address expenditures that resemble inflation. In any case, people got a little additional money to assist them deal with the increasing price of goods and services.