The potential $1,400 direct deposit by 2024, part of the American Rescue Plan Act, remains under discussion.
This economic aid aims to continue supporting United States residents who are still facing financial difficulties due to the impact of the pandemic and current inflation.
If this proposal receives the green light, the Internal Revenue Service (IRS) would distribute the payments to qualifying citizens, providing financial relief at a time when the costs of living continue to rise.
Even though the economy has shown signs of recovery since the worst moments of the Covid-19 crisis, many families and individuals still struggle with economic instability, largely due to inflation and rising prices on essential goods.
The $1,400 payment would be a continuation of the previous stimulus, which ended at the end of 2021. These checks would provide crucial relief for low-income people, helping them cover necessary expenses such as food, housing and basic utilities.
Additionally, the stimulus could boost the economy by encouraging consumption of goods and services, which in turn could generate more economic activity.
Who is the stimulus check for?
People eligible to receive this payment would be those with individual incomes of up to $75,000 a year or couples who together earn up to $150,000.
Special provisions would also be included for single individuals earning up to $125,000, as well as people over 65 or with disabilities. Permanent residents of the United States would also qualify under these terms.
Although this stimulus has not yet been officially approved, if accepted, the IRS would provide a schedule detailing when payments would be made. If approved, the first deposits are expected to begin processing in the middle of the month.
However, exact dates cannot be confirmed until the program progresses. Meanwhile, citizens remain attentive to any updates on this economic relief.
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