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Saturday, June 25, 2022

Stimulus Check Update: How Was The Money Spent?

The last round of the stimulus check payments has already seen its course- being approved and passed into law on the 11th of March. This has been referred to as the American Rescue Plan, and this phase has been the biggest stimulus of all, especially to individuals with qualifying children. 

What Did the American Rescue Plan Do For A Stimulus Check?

Under the legislative terms, most individuals were paid a sum of $1,400 or $2,800 per married couple, with an extra sum of $1,400 per eligible child. The maximum limits on income for the third stimulus check payment were as follows- 

  1. Single taxpayers received a sum of $80,000.
  2. Joint filers would receive a sum of $160,000
  3. Taxpayers that have filed as head of household will receive $120.000.
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The levels of phaseout will begin from $75,000 to $150,000 and finally to $112,500, respectively. As with other stimulus payments, the phaseout amounts could definitely vary depending on whether the taxpayers had qualifying children. 

Stimulus check payments were seen as a major way of keeping Americans afloat during unprecedented surges in terms of economic uncertainty and unemployment. Between forced closures of business and stay-at-home orders, many Americans have already lost their access to a regular paycheck. As mentioned in the New York Times, a single analysis of data from the Central Bureau did seem to indicate that the stimulus payment would be succeeded by improving the ability of the Americans to pay for basic needs. 

Although the government stimulus check payments were definitely geared towards individuals and their children, businesses also ended up getting provided with access to much-needed funds. The Economic Injury Disaster Loan Program would offer loans to businesses.

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