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Friday, July 1, 2022

Stimulus Check 4: Latest Status And Possibility

Over 169Mn third stimulus checks were sent out. Even though some are yet to get them lawmakers are trying to set up another stimulus aid round. The objective remains to help citizens survive the economic onslaught of the pandemic.

The Expectations From Another Stimulus Check

As of now, the American federal government has paid a total of $3,200 in stimulus checks to adults who qualified. However, 40% of Americans have reported that they are not earning nearly as much as they were before the pandemic. Those who were already struggling before the pandemic are facing an even tougher battle.

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An estimated 14.6Mn citizens across the nation are receiving unemployment benefits in some form. The current rate of unemployment is 5.9%. Before the pandemic, it was 3.5%. Moreover, even though the hiring drive has started up once more, almost 7Mn people who had a job do not have them now. 25% of Americans are having difficulty meeting their basic household financial needs.

Simply put, for many, the 3rd stimulus check is going to run out soon. Some states are putting out relief checks of their own, for example in California. However, there is nothing on another stimulus check from the Centre.

About 70% of Americans have been reported to have spent the third stimulus check to reduce debts or build up an emergency balance. Only 33% said that the stimulus check helped, that too for only a month.

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However, other kinds of aids have been made possible. The CTC checks have started rolling out, with the second one being delivered in August.

Relief checks had been an immense relief for millions. But whenever they had stopped, hardship had markedly increased. Now that there are almost no signs of another direct relief check, researchers are doubtful if the economy has recovered enough to sustain the lives of millions.

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