In an unprecedented move, the Internal Revenue Service (IRS) is preparing to send delayed stimulus check payments in 2024 to help millions of people cope with the economic impact of the ongoing coronavirus pandemic and the rising cost of living.
Many Americans rely on government support, especially given the recent exponential rise in the cost of living and the slowdown in the job market. A stimulus package is a way to provide an economic boost to some people, even those who are not struggling.
A large portion of eligible recipients of this funding have already received their $1,400 stimulus check from the federal government.
600,000 Americans without a stimulus check
However, it was alleged that the passed congressional budget did not provide stimulus payments for more than 600,000 qualified taxpayers.
The $1,400 stimulus payment was part of the American Rescue Act of 2021, a $1.9 trillion stimulus package that President Biden signed into law after its passage by the U.S. Congress.
The purpose of this stimulus package was to help the United States recover from the negative economic and public health impacts of the COVID-19 pandemic, as well as the current recession.
Eligibility for the stimulus check was determined primarily by income. The full amount was available to individuals with annual incomes of up to $75,000, heads of households with annual incomes of up to $112,500, and married couples filing joint returns with annual incomes of up to $150,000.
Additionally, the check was reduced for higher earners and completely eliminated for individuals earning $80,000, heads of household earning $120,000, and married couples earning $160,000.
Delayed stimulus checks will be sent out in 2024 in several states
This unusual initiative represents a crucial turning point in the government's ongoing attempts to provide financial support to the most vulnerable members of society. It is believed that states like the following could be the first to receive these stimulus checks:
- Alabama
- Arizona
- California
- Colorado
- Georgia
- Maine
- Massachusetts
- Michigan
- Minnesota
- Mountain
- New Mexico
- Pennsylvania
- South Carolina
- Virginia
However, since there is no official confirmation about the exact status list and release date of these checks, recipients are advised to base their actions on patience and attention.
It is important to stay informed through official IRS channels because these channels not only provide beneficiaries with the knowledge they need to manage their financial fate, but also serve as a guide to obtaining accurate information.
Initiatives like the deferred 2024 stimulus payments are a reminder of the resilience and camaraderie that characterize the American spirit in overcoming uncertainty.
Additionally, this financial support not only provides a buffer against harsh economic realities for Social Security, SSI and SSDI recipients, but also serves as a reminder of the country's commitment to its most vulnerable citizens.
Financial assistance programs in the United States
Other Financial Assistance Programs Offered in the United States The United States offers financial assistance in various categories to assist those in need. Here are examples of key programs:
- Needs-Based Programs Temporary Assistance for Needy Families (TANF): This program provides temporary financial assistance and support services to low-income families with children.
- Supplemental Nutrition Assistance Program (SNAP): Helps low-income individuals and families purchase food.
- Housing Choice Vouchers: These vouchers provide rental assistance to low-income families and individuals.
- Low Income Home Energy Assistance Program (LIHEAP): Helps low-income households finance heating and cooling costs.
- Tax-Based Programs Earned Income Tax Credit (EITC): Reduces tax liabilities or provides a refundable tax credit to low- and moderate-income workers.
- Child Tax Credit: Provides a tax credit for each eligible child.
- Student Loan Forgiveness Programs: This program offers borrowers the opportunity to have student loans forgiven or canceled under certain circumstances.
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