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Friday, January 27, 2023

Stimulus Checks Will Not Be Provided In 2022

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 aids will stop in 2022. Improved paid sick leave and unemployment programs have ended. The final round of child tax credit stimulus checks was given out 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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Omicron is a highly contagious variant of COVID-19. People who have been fully vaccinated and received a booster shot will not be severely affected by Omicron. In November, the rate of unemployment was at 4.2%, an all-pandemic low. Data suggest that more holiday purchases were made this year.

Stimulus Checks Over The Last Two Years

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

Expired Federal aids include

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Stimulus checks: Checks worth up to $1200, $600, and $1400 were given in three rounds to middle and low-income families. The government had allotted $817B. The program ended in March 2021.

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.

Other programs include monthly boosted child tax credit checks, paid family and sick leave, money for SMEs. 

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.

Rental assistance: Congress approved $47B for crisis rental assistance last year.  More than half of the assigned 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. 

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