Stimulus checks are a check sent by the government to the taxpayers to help stimulate the economy by providing consumers with spending money. The united states issue the checks to help boost the spending power of eligible citizens and spur economic activity. In most cases, the stimulus checks are issued when the economy is not doing so well as there is no money circulating. Therefore, the issued checks provide cash to circulate in the economy, boost consumption, and drive revenue at retailers and manufacturers.

The amount on the stimulus checks varies depending on the status of the taxpayer’s filings. The joint taxpayer receives twice as much as the single taxpayer. The research conducted by the National Bureau of Economic Research indicates that there has been a change in the spending pattern of consumers after the stimulus checks are emailed to the taxpayers. A stimulus check encourages businesses and individuals to invest or spend more with their higher disposable income.

Research conducted by the congressional budget office indicated that the checks issued by the American recovery and reinvestment act had created jobs opportunities of about 1.6 million and 4.6 million that lead to a significant increase in the gross domestic product. The study showed that the stimulus package had been issued differently from the others. This particular package was given to the states and localities, supporting people in need and purchasing goods and services.

The most recent stimulus check was issued on March 11th after president Biden signed the $1.9 trillion American rescue plan of 2021. The stimulus package included $1,400 for eligible individuals, $2,800 for couples, and $1,400 for a dependent individual. The stimulus package was to help the citizens amid the pandemic as the economy was severely affected and many people had lost jobs.

However, as the stimulus deal sounds so good, it has received a lot of criticism. The critic shows that despite the issuing of the stimulus package, it led to an added deficit of about $1 trillion that negatively affected the economy and believes that the shift would have happened even without the stimulus checks. In addition, a Mercatus study shows that the unemployment rate rose even after the stimulus checks were issued during the 2008 recession, indicating that the checks were not adequate.

The government can use several alternatives for the stimulus checks that are more effective. The other options include allowing tax deferrals, loan deferrals, increasing the spending on government projects, and supporting specific hard-hit industries. This would create job opportunities, make products more available to the citizens, and cancel all the standing debts. Unlike in the stimulus checks where one receives the cash direct, it is possible to put the money to good use in alternative ways.

Who is can get the stimulus check?

The stimulus checks are available for any united states citizen that has a security number. Conversely, the rules to qualify for the checks depend on the check itself. For instance, in the first two stimulus checks between 2008 and 2020, dependents were not eligible to get their check. However, dependents under the age of seventeen years could receive payment. In the recent stimulus check of 2021, the dependent was still not eligible for the checks; however, one could claim that a dependent would receive payment for adult dependents and the dependent for children above seventeen.

The income limits of the eligible citizens were also another factor to be considered. Single tax filers with an income below $75,00 are eligible for the checks. The heads of the house with an income below $112,500 and married joint filers with income below $150,000 are suitable for the stimulus checks. The government uses the Internal Revenue Service tax return information to determine the payments one receives for the stimulus checks.

How and where one can check for their stimulus check status

The internal revenue service(IRS) has created a website where one can find the status of the stimulus payment. The get my payment tool is another website that one can use to check the status; however, it is no longer updating for the previous two stimulus checks.

If the stimulus payment has been processed, the website specifies the status indicating whether they have been sent, how the money will reach the eligible citizen, and the date issued. If the status shows that the payment is not available, it indicates that the IRS website has not yet processed the payment or either that you are not eligible for the amount. If the status shows that more information is needed, you should give the IRS your bank information.

Special programs to apply for government loans

There are several platforms that one can apply for government loans. The programs have different qualifications that one requires to meet to be eligible for the loans. The special programs are administered either by the federal government or in partnership with the states. The pandemic has left many people in need of loans and funds as they had lost their jobs.

The special programs include general financial assistance, subsidized rental housing, and homeownership programs. Financial aid provides aid in the form of payments, goods, or services. Examples of the financial assistance program include unemployment insurance, pandemic emergency federal unemployment compensation, lost wages assistance, and temporary assistance for the needy, among other programs. Homeownership programs include federal housing administration, homeownership vouchers, programs for active-duty service members and veterans, among others.

Websites to apply for the government loans

Government loans are made accessible to the public in various ways. One of the most recognized platforms apart from the special programs is the websites. The websites have ensured that all the citizens are not discriminated against and can access the loans whenever they require them. Some of the recognized websites include Grants.Gov and GovLoans.gov.

In conclusion, the government offers support to its citizens in times of difficulty. Stimulus checks are one of the ways the government enacts acts to help boost back the economy. If the economy is overheating, the government can introduce a fiscal policy to decrease government spending and increase taxes to cool off the economy.