The $2,600 stimulus check intended for U.S. residents will be distributed through direct deposits to stimulate the economy. Before receiving payment, individuals must verify their eligibility.
Since the start of the Covid-19 pandemic, the Internal Revenue Service (IRS) has been providing financial assistance through stimulus checks to affected citizens.
In 2023, American families received assistance from IRS stimulus checks during difficult times. However, given the current economic difficulties faced by many people, alternatives are being sought.
Those receiving Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are expected to see their Social Security benefits increase in 2024 due to the implementation of a new cost of living adjustment (COLA).
The Social Security COLA for 2024 is 3.2%, aimed at mitigating the impact of increases in the cost of basic necessities such as food, gasoline and other products and services.
When will the first stimulus check be sent out in 2024?
Starting in January 2024, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a graduated payment plan for the 3.2% COLA increase for 2024.
The first extended SSI payment should arrive on Friday, December 29, 2023, taking into account the January 1, 2024 holiday.
Subsequent payments are scheduled for the following dates: January 3rdfor benefit recipients who began receiving benefits before May 1997; 10. Januaryfor beneficiaries whose date of birth is between January 1st and 10th.
He January 17th, for beneficiaries whose date of birth is between January 11th and 20th; and that January 24thfor beneficiaries whose date of birth is between the 21st and the 31 January.