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Monday, July 4, 2022

Stimulus Check For $7K Not Coming In This Week: Fact Check

There have been false reports that state that a check worth $7000 is on the way from the Internal Revenue Service and would reach the accounts by the 19th of August. The reports of a stimulus check hitting the accounts have been regarded as false. 

Although there was a public push regarding disbursal of a check in the fourth round, and after increasing support coming in from the government legislators about sending in a new payment, there have been no reports that have been released officially about the fourth round of stimulus check.

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The last stimulus check round was disbursed a few months ago and is likely to have been the last of the lot. According to recent reports, there are abundant job opportunities in the market and the people can work for their living, and would not have to depend on the government to aid them instead. This is why the government is declining any further mode of financial assistance, even though the economy is still under recovery and is not in its best condition. The recent Infrastructure Framework that amounts to trillions has made it unlikely for the government to disburse a new round of stimulus check payments.

What’s Coming Instead Of A Stimulus Check?

Instead of a stimulus check, there are payments regarding the tax credit for children. The second installment of the payment for 6 months has been distributed, and the eligible families have the provision avail the financial aid of $300 per child that is under the age of 6 years, provided they meet the requirements of the income.

In case a parent has failed to register there is still an adequate amount of time to get themselves registered. Unlike a stimulus check, you are entitled to the payments regardless of having your tax return filed or not. This is also completely refundable, which means that there would not be any taxes charges on the money, or there would not be an obligation to pay it back.

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