Stimulus Check has provided a sense of relief to all Americans. When the country imposed a strict shutdown, people were clueless about their future. This was when the federal government came up with the idea of a stimulus check. Joe Biden announced a series of monetary assistance based on the eligibility of the residents. Most of the people benefitted largely from the initiative. The money received from the check was mostly used up to meet the essential needs of the households.
However, after the initial three checks, no further announcements have been made. This has made the mass increasingly frustrated. Most of the families are still lagging in terms of rent, food supplies, etc. The people are very much concerned about the probability of a further shutdown. With the Delta strain danger lurking, a shutdown is indeed a possibility. The previous shutdown saw people lose their jobs. Many of the employers were not paid up to the mark. As many as 72000 cases of people losing their jobs were being reported in Texas alone. The unemployment percent has also risen significantly and stands at 5.4%.
Stimulus Checks Are Much Needed
The estimated growth of the global economy has also come down to 5.9%. It was previously estimated at 6.4%. As demands for the fourth check rise, a petition has gained significant popularity. The petition has till now accumulated close to 3m signatures. It was initiated by the owner of a restaurant. The proposal asks for monthly funding of $2000 till the pandemic ends. It can be accessed on the online website Change.Org.
The federal government issued three sets of Stimulus Check. Checks worth $600, $1200 & $1400 were rolled out to the qualifying citizens. The third set of checks was issued recently by the IRS. The money was transferred directly to the bank accounts. However, people also had the choice to opt for paper checks.
Stimulus Check Live Updates
The federal government will probably not sanction any more fundings. Much to the rejoice of the common people, most of the American states have announced funding. California has already rolled out the first sets of payments worth $600 for each adult. Californian children are entitled to $500 each. The state also allotted $1000 to the teachers for their hard work.
Texas & Florida have also announced bonus payments for their teachers. Maryland will give out stimulus check worth $500-$300 to all their moderate earners. The family must earn below $53000 jointly to qualify. Several other states like New Mexico, Vermont & Washington, D.C. have also promised to fund their citizens with money. The qualifying families having children will also receive money from Child Tax Credit.
The party has structured a spike in the tax rates for the top-earners. These will include wealthy citizens, top-level investors, high-end businesses, etc.
US President Joe Biden raised a 28% rate for the corporates. This rate was more than the existing rate of 21%. This has created a difference in opinion among the party. Democrats like Joe Manchin have counter-proposed a 25% rate. This directed in rolling out of tax law of 2017, which was designed by Donald Trump. The Americans have been pleading with the federal government recently. All of them requested her round of payments. The payments were demanded for various reasons. Many households are still struggling with the effects of pandemics. The aftermath of the shutdown has left many people jobless.
Several families are having difficulty meeting their basic everyday needs. The reluctance of the government came as a big disappointment for them. The checks announced for the Californians have made the people joyous. The payments are expected to reach the residents soon. The joblessness has resulted in a spike in the number of rent defaults. Unfortunately, most of the defaulters are at risk of being homeless. They have been handed an eviction letter. The landlords have clarified that the defaulters need to clear their rent soon. Failing to clear the money will result in legal indulgences. This has become a huge headache for the residents.
However, the government has the provision that might cheer up the mood. The Rental Assistance has been left untouched. There is a huge lack of knowledge among the people about the said Stimulus Check. This means that almost none of the money has been used. The government has recorded an unclaimed reserve of $41.5 billion. As per reports, these checks are still available for the needy.
Illinois has granted a $25000 relief for the rent payers. This sum is expected to clear the rent for fifteen months approximately. Texas has announced $4600 per month as rent assistance. CFTB has published the whereabouts of the checks on the official website.
However, the checks won’t be dispatched right away. Many speculated that the financial benefits might get rolled out soon. But according to reports, it will not be sent until September. Once they start giving out the Stimulus Checks, they will be uploading more details on how to track them down.
When set 1 of the aids was distributed, the duration was lengthy. It was almost after forty-plus days when the payments were received. However, most of the citizens have already submitted their taxes. It is expected that CFTB will put up the list of the citizens to receive the initial aid.
According to policies laid by the government, there are certain qualification criteria. Citizens who have an annual income under $75000 will be considered qualified. An individual should also submit his tax files for the year 2020. Several states have issued a number of stimulus checks for their citizens. States like Florida, Delaware, and Hawaii have also announced stimulus payments for their citizens. Florida will be issuing $450 for each eligible family with children. Governor John Carney will be providing $300 checks to eligible families that have filed their taxes for 2020. Georgia, Idaho, and Illinois have also announced stimulus checks.