Stimulus Update: Will You Get a Stimulus Check This Month to Help With Holiday Spending?

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  • The holiday season is an expensive time of year.
  • Costs may be even higher this year due to inflation.
  • Some states are offering financial relief in the form of stimulus checks.

This is an expensive time of year, but a stimulus check could help you cover costs.

The holiday season is an expensive time, and this year things may be even worse. Inflation has caused prices to skyrocket on many goods and services, so buying gifts and entertaining loved ones may come at a higher price than ever.

With the economy struggling, many Americans are left wondering if they will get a stimulus check deposited into their bank accounts to cover costs this festive season. To help you find out if help is on the way, here's what you need to know.

Stimulus checks are on the way to some Americans

A number of states have authorized inflation-relief payments or other forms of financial assistance for residents. And some of this money is coming this month. For example, the following payments may be delivered by the end of 2022.

  • A direct payment worth up to $1,050 to eligible residents of California including those individuals who did not yet receive their Golden State Stimulus payment due to a change in their banking information
  • A payment of $750 for single filers or $1,500 for joint filers if they are eligible for the Colorado Cash Back program and were late submitting their tax returns
  • A direct payment worth the greater of 10% of taxes reported on 2020 returns or either $300 (for single tax filers) or $600 (for joint tax filers) for eligible Idaho residents.
  • A direct payment of at least $500 to New Jersey residents who weren't eligible for federal stimulus payments and who filed their state tax returns using an Individual Taxpayer Identification Number
  • A rebate between $650 and $975 to older Pennsylvania residents whose incomes are below a certain threshold.
  • A rebate of up to $800 to South Carolina residents.
  • Payments of up to $250 for individual tax filers or $500 for joint tax filers in Virginia who are eligible and who filed a 2021 tax return

Those who receive these funds can use them for anything they'd like, including paying down debt or covering holiday costs.

Will the rest of America get stimulus money?

If you aren't on this list, it is possible you might still be able to receive an additional stimulus payment. Your state could move forward with authorizing one. Or the federal government could pass an expanded Child Tax Credit in the lame duck session before Congress changes hands and Republicans take control of the House of Representatives.

If your state or the federal government does act, though, it is unlikely at this point that they would move quickly enough to get the cash out to help with the holidays. So, your next direct payment -- if it comes at all -- may not come until 2023.

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