Many Americans are eagerly awaiting the upcoming round of stimulus checks as the economic unrest brought on by the COVID-19 pandemic continues. The next round of stimulus payments, also known as “stimulus checks,” may be given out as early as this month, according to recent reports. While lawmakers are still working out the details of the relief package, it is anticipated that those with annual incomes of $75,000 or less will be qualified for the full $600 stimulus payment, with payments phasing out gradually for those with higher incomes.
As the pandemic continues to wreak havoc on the economy, stimulus payments are seen as a crucial tool for helping struggling Americans make ends meet. The stimulus payments have been crucial in helping many people who have lost their jobs or had their incomes cut to stay afloat. Additionally, it has been said that the stimulus payments contributed to an increase in consumer spending, which in turn supported small businesses and other economic sectors.
Stimulus Checks Are Under Discussion
Although the details of the relief package are still being worked out, lawmakers from both parties have backed the stimulus payments. President-elect Joe Biden has also expressed support for the payments, calling them “a lifeline” for many Americans. Senate Majority Leader Chuck Schumer has said that he would like to see the payments delivered “as soon as possible.”
Before the stimulus payments can be given out, though, a few challenges still need to be resolved. The package’s specifics must be agreed upon by lawmakers, and it must be approved by both houses of Congress before being signed into law by the president. The lawmakers hope to support those still going through hard times while assisting the economy is recovering with the aid of stimulus checks and other programs.