When the economy is bad, the government sends out checks called “stimulus checks.” The most recent stimulus funds were given out to help lessen the effects of the pandemic, especially the lockdowns that were put in place to stop the spread of the virus.
These payouts were called “Economic Impact Payments,” and the government gave out three rounds of them in 2020 and 2021 as a form of stimulus. As part of the Coronavirus Aid, Relief, and Economic Security Act, which was passed in March 2020, the first boost payment was given the green light.
It gave eligible people $1,200 and gave eligible children who lived with them $500.
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What is Stimulus Check Payment?
In December 2020, another round of stimulus checks was sent out. Each qualified adult and child who lived with them got $600. The American Rescue Plan Act, which went into effect on March 11, 2021, made it possible for another $1,400 boost payment to be given to each adult and child.
At first, only people with Social Security numbers were eligible for the payments, but the rules changed as the payouts did. People who were named as dependents on a tax return could not get the first two payments.
There were also income limits. The first three stimulus payments were offered in full to single tax filers with incomes of less than $75,000, heads of household with incomes of less than $112,500, and married couples filing jointly with incomes of less than $150,000.
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