Many Americans have turned to stimulus checks for financial assistance as the COVID-19 outbreak continues to have a negative impact on the economy. Thousands of people and families will start receiving these payments in January 2023, giving them the much-needed support, they need during these trying times.
The Internal Revenue Service will disperse the stimulus payouts, formally known as Economic Impact Payments, according to a Panasiabiz story (IRS). The payments, which are based on income, are meant to assist people and families in covering expenses for necessities like food, shelter, and medical care.
For many Americans who are struggling financially as a result of the pandemic, this round of stimulus money is a welcome reprieve. The payments won’t entirely take care of the financial issues brought on by COVID-19.
Stimulus Checks verification on IRS
The fact that not everyone will be qualified to receive a stimulus check must be noted. You can use a tool on the IRS website to determine whether you qualify for the payments. If you’re not qualified, you could still be able to get money from other sources, such as small business loans or unemployment compensation.
In general, the release of stimulus checks in January 2023 is good news for people and families who are experiencing financial hardship as a result of the pandemic. The payments will help those who are trying to make ends meet, even though they won’t completely fix the financial issues brought on by COVID-19.
In the US, household wealth has increased by more than three times since the outbreak to $4.7 trillion. The spike could be attributed to stimulus initiatives run by the federal, state, and local governments over the previous nearly three years. However, it is unclear why the amount keeps increasing despite a decline in stimulus payments.
