Inflation has been skyrocketing since the beginning of 2022 to the point where many individuals are piling up credit card debt and reducing other expenses to get by. Sadly, there hasn’t been any federal stimulus funding to lessen the pain.
As part of the American Rescue Plan, the final round of stimulus payments to reach recipients’ bank accounts was granted in March 2021.
At the time, there was a severe COVID-19 vaccine shortage and very high unemployment rates in the United States. Making a case for universal financial relief was, therefore, more straightforward.
However, unemployment rates in 2022 have been low, and the economy has been robust despite inflation. It’s simple to make the case that inflation is a sign of a strong economy since it shows that people have more money to spend and demand has outpaced supply.
Consequently, there hasn’t been any federal stimulus funding for nearly two years. Furthermore, we shouldn’t anticipate any significant federal stimulus legislation to be approved in the first half of 2023.
State Stimulus Checks Continue To Be Prepared
While many recipients of state stimulus checks have already received their funds, several states are involved in making those payments.
For instance, Massachusetts didn’t start distributing stimulus money until November, and the state was supposed to continue doing so until December 15. Therefore, your check may be arriving soon if you live in Massachusetts.
South Carolina intends to keep making stimulus funds through the year’s end. Direct deposits, debit cards, and physical checks are the delivery methods.
You might also receive your stimulus payment if you reside in Colorado, California, or Hawaii. People of these states continue to get payments as they come in gradually.
Make Sure To Get Your Stimulus Payment In 2023
Even though inflation has decreased since the summer, living expenses are still fairly expensive. Therefore, you shouldn’t be hesitant to follow up if you believe you are due to a state stimulus payout & should have received it already.
Naturally, the procedure to do so will depend on the state in which you reside. Your best chance could be to commence by searching for “missing stimulation.”
If your money hasn’t yet shown up in the mail or hit your bank account, you should follow up with your state’s information & resources on stimulus payments reports Fool.
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