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Sunday, May 22, 2022

Stimulus Check 2022 Updates

The government may introduce a similar but watered-down version of the stimulus program. Given the current state of American residents, stimulus checks will help relieve their worries and shoulder their burdens. 

Federal aid will stop in 2022. Improved paid sick leave and unemployment programs have ended. The final round of child tax credit stimulus checks was distributed in early December. After many extensions, student loans will resume collections in June. America is entering 2022 with Omicron wreaking havoc. The rising number of infections will continue till the first week of January.

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In 2020-21, Congress developed 3 covid relief programs. They allowed them a total of $5.7T. A major part of the budget has been used. 

Stimulus Checks Can Still Be Claimed In 2022

Federal aids that are still available are–

Student loan ease: Residents with student loans will not have to make payments. It has been in effect since spring 2020.  Debtors’ balances have virtually been stopped if they stopped paying.

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Rental assistance: Congress approved $47B for crisis rental assistance last year.  More than half of the assigned Stimulus Check money is still available.

Healthcare subsidies: Those who enroll in the program will pay less than 8.5 percent of their annual income toward hospital bills. Also, those earning more than 400% of the federal poverty level are now eligible for help for the first time.

Adjustment for Living Costs (COLA): COLA payments are a portion of the SSI benefits that are distributed to around seventy million Americans. In 2022, the amount acquired by qualified residents is expected to rise by almost 5.9%, with enhanced payments to about 8 million SSI recipients beginning on Dec 30.

Improved unemployment benefits: The government paid unemployed residents $300 to the usual weekly amount. It was expanded to include gig workers, independent contractors, self-employed, and freelancers. The program expired on Labor Day. However, certain states have extended it.

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