Stimulus Update: The Answers to These 3 Questions Determine if You're Likely to Get More Stimulus Money
- Many Americans are hoping for more COVID-19 stimulus payments.
- Some people are already on track to receive another check or direct deposit.
- Others will only get more money if their state takes action or the federal government does.
Could another payment be on the table for you?
When the rapid spread of COVID-19 led to lockdowns across the United States, financial relief came to Americans' bank accounts. Most people received a total of three federal stimulus checks totaling thousands of dollars to help them cope with the loss of income and other financial consequences of the COVID-19 pandemic.
Unfortunately, millions of people across the country are continuing to suffer lingering effects of the pandemic in the form of inflation due to the stimulus payments as well as supply chains that were disrupted. With ongoing money problems abounding, you may be wondering if you're likely to get any more stimulus funds.
To help determine that, there are three questions we should look at.
1. What state do you live in?
The most surefire way to get another stimulus payment is to live in a state that has already authorized one. Eight states will be sending out funds in the month of August alone, and a number of others have already taken action or will do so in the future.
Your state's Department of Revenue or Department of Health and Human Services should have information about whether payments are forthcoming and what, if anything, you must do to get one.
2. Will the country enter a deep recession?
In past recessions, lawmakers on both the left and right have provided tax rebates to stimulate the economy. While it's an open question whether the country is currently in a recession or not, indicators point to the fact that we are or will soon be experiencing this kind of downturn. If the economy continues to falter, there may be support on the federal level for another stimulus check.
3. Who will be in control of Congress after the midterm elections?
Control of Congress is closely divided, and Republicans are uniformly opposed to another stimulus payment. Some conservative Democrats also don't want to send out more money in light of surging inflation. In fact, some lawmakers on the left have been trying for months to offer additional financial relief in the form of an expanded tax credit for parents but were unable to reach consensus on a bill that would provide that.
If the left expands their majority in the House and Senate after the November 2022 election, it's very possible another stimulus bill could make its way to the president's desk -- especially if the economy continues to struggle.
Ultimately, some of these questions can't be answered right now -- but the answers to them will be revealed over time and will determine the likelihood of an additional payment coming your way.
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