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Tuesday, May 24, 2022

Stimulus Check Update: Payment Of $850 Coming In Soon

The current pandemic along with the instability in the market resulting from the Russian invasion of Ukraine could lead to another stimulus check payment in the United States. As it stands, the economic and political turmoil has put the country in quite a vulnerable position.

Although all economists aren’t of the opinion that there would be a possibility of a recession in the future, some have already issued major warnings that an economic downturn could be possible in the next couple of years. Just the week prior, Jerome Powell, the Chairman of the Federal Reserve, had gone out and stuck quite an optimistic tune- where he commented on the strengths of this economy, along with the recovery that has been brought in place since the pandemic. 

Maine To Issue Stimulus Check Payment

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While the economic recovery has been pretty significant, the market rate of inflation is still up there at historic levels. This has resulted in several states thinking about issuing a stimulus check payment that would support the households as they deal with the current price shocks- something that has already started digging deep into their purchasing power. One of the states which have planned on issuing a stimulus payment is Maine- where a check worth $850 will be issued in the next few weeks. 

The Governor of Maine, Janet Mills, already signed the budget which also includes the stimulus check payments on the 20th of April and it is being expected that close to 850,000 residents would be receiving the benefit from those payments. Maine will start issuing the checks from the 1st of July, twenty days after summer starts officially. The state also hopes that the payments will be helping families enjoy their summer. 

The stimulus check budget will only be allowing a sum of $850 to be distributed to every individual that would qualify. 

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