Stimulus checks are one way for the federal and state governments to reach out to residents and alleviate the strain of financial bills, particularly for low-income individuals. The last big federal stimulus payment occurred during the COVID-19 pandemic, when the Biden administration issued three rounds of payouts to assist residents in covering unforeseen pandemic expenditures, such as mass job loss and inflation. However, states have continued to make their own stimulus payouts, as long as you meet specific requirements.
The last COVID-19 stimulus payment will be collected this year
The most recent tax season was the last opportunity for citizens to collect the third stimulus payment, which was released in March 2021 during the COVID-19 epidemic. This was the third payment as part of the Economic Impact Plan. Eligible persons who had not yet claimed the Recovery Rebate Credit had until current tax season to do so. The payment came to $1,400.
The federal government planned around $4.6 trillion for COVID-19 assistance. $931 billion was disbursed through EIP payments, providing much-needed financial relief to citizens. The pandemic produced an enormous employment crisis, with over 22 million jobs lost, making it the most severe employment crisis since the Great Depression. The unemployment rate rose to a record high of 14.7%, the highest since the Bureau of Labor Statistics began recording it in 1948.
These states announced stimulus checks in June
While the federal government has not announced any additional stimulus cheques, states have stated in June that they will continue to release their own payments over the next few months. Eligible citizens may expect the following payments:
The New York Department of Taxation and Finance Issues Inflation Refunds
Pennsylvania offers a property tax/rent rebate program, whereas the Arizona Department of Revenue offers a tax rebate for families.
The one-time New York Inflation Refund will be distributed in October of this year in an effort to assist individuals in overcoming the financial burden created by inflation. Over 8 million residences have qualified to receive the payout, which ranges from $150 to $400 based on your filing status and income level. A single filer’s maximum earnings are $150,000, but married couples filing jointly can earn up to $300,000.
The Pennsylvania Property Tax/Rent Rebate Program would provide eligible homeowners and renters with up to $1,000, depending on income level, to assist offset the costs of owning a house or paying rent. Applications for the stimulus payment are now open and will close on June 30. Finally, the Arizona Families Tax Rebate will provide $250 for dependents under the age of 17 and $100 for dependents over the age of 17, as claimed on your 2021 returns. If you filed your state income taxes for 2021 and 2022, you will get this amount automatically.
False claims of $5,000 and $2,000 stimulus funds
There have recently been erroneous reports that the federal government intends to disburse $5,000 and $2,000 stimulus payments. The $5,000 stimulus payment resulted from speculations that the federal government would issue stimulus payments to taxpayers if the Department of Government Efficiency (DOGE) met its $2 trillion federal budget savings target. However, this has not been confirmed by the federal government, and DOGE has since lowered their savings target to $150 billion.
In addition, fraudulent allegations about the release of a $2,000 stimulus grant have circulated. This payment has also not been approved by the federal government or the Internal Revenue Service. While the origin of the rumor is unknown, it could have spread as a result of the $1,400 COVID-19 Recovery Rebate credit being issued to those who did not claim it in 2021, or it could have been caused by DOGE’s continued rumors of the $5,000 stimulus payment as an act of “broken telephone” and misinformation.