As the COVID-19 outbreak has a lasting detrimental effect on the economy, many Americans have relied on stimulus cheques to get by. Starting in January 2023, thousands of individuals and families will receive these payments, providing much-needed assistance during this time of need.
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Panasiabiz reports that the Internal Revenue Service (IRS) will be responsible for distributing the stimulus payments (also known as Economic Impact Payments) (IRS). The income-based payouts are designed to help individuals and families pay for things like food, housing, and medical care.
This influx of stimulus funds is a godsend for many Americans who have been hit hard financially by the pandemic. The payments won’t totally take care of the financial challenges brought on by COVID-19.
Eligibility for Stimulus Payments Determined by the Internal Revenue Service
It’s important to remember that not everyone will be entitled to a stimulus payment. One way to find out if you are eligible for the payments is to utilize the IRS’s online eligibility tool.
If you’re not qualified, you could still be able to acquire money from other sources, such as small business loans or unemployment compensation.
In summary, the issuance of stimulus checks in January 2023 is excellent news for persons and families who are enduring financial difficulties as a result of the pandemic.
Those who are struggling financially can count on the payments, while they won’t solve all the problems that COVID-19 has caused.
The wealth of American families has increased by more than three times, reaching a total of $4.7 trillion, since the pandemic began.
The increase might be explained by stimulus programs launched nearly three years ago by federal, state, and local governments. However, it is unclear why the amount keeps increasing despite a drop in stimulus payments.
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