Stimulus Update: 4 Facts About Stimulus Checks You Need to Know Today

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.


  • Stimulus checks continue to impact the finances of millions of Americans.
  • Some people may still receive stimulus money.
  • Others could find their tax refunds are much smaller due to a lack of stimulus aid in 2022.

You need to read this so you can understand how your financial life may be affected by current stimulus check developments.

Stimulus checks have had a profound impact on the lives of American families since the start of the COVID-19 pandemic. And they may continue to affect the size of your bank account during the end of this year and even into 2023.

To make sure you're prepared for the financial effects, here are four things about stimulus checks you need to know today.

1. States are still sending out checks

Some Americans are still watching their bank account balances grow due to stimulus checks. A number of different states have authorized financial relief checks for some or all residents. Some of these payments will be going out at the end of this year and the beginning of next year.

2. Some lawmakers are pushing for additional federal stimulus relief

Unlike federal stimulus checks, payments sent by states are available only to a limited number of residents who live in places that have chosen to distribute funds. But there remains a chance of more relief from D.C. that could be available nationwide.

One prominent Democrat recently sent an open letter urging his colleagues to move forward with renewing an expanded Child Tax Credit that was made available by the last federal COVID relief bill. If lawmakers take this action, eligible parents could receive financial assistance totaling as much as $3,600 per child.

3. Your tax refund check could be smaller due to a lack of federal stimulus aid in 2022

While it would be good news for your finances if your state or the federal government decide to make more direct payments, there is some bad news. Many people will receive a much smaller tax refund when they file their taxes for 2022 next year.

That's because of the fact that the federal government didn't continue the expanded tax credit and certain other special tax breaks put in place by COVID relief are also ending. The IRS recently warned taxpayers about this issue and said not to expect so much money back after filing taxes this year.

4. The chances of more stimulus relief diminish after Jan. 3, 2023

Finally, you should be aware that the chances of another federal stimulus payment will go down dramatically after Jan. 3, 2023. That's when the new Congress will be sworn in, and Republicans will take control of the House of Representatives.

Since the GOP has not voted in favor of recent stimulus payments and Democrats will no longer be able to pass a COVID relief bill without their support, any additional federal stimulus aid is likely off the table.

You should be aware of these issues so you'll know exactly how stimulus checks (or the absence of these payments) will affect your finances in the coming months.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.

Our Research Expert

Related Articles

View All Articles Learn More Link Arrow