American’s making under $120,000 per year have begun receiving their third rounds of stimulus checks or are slated to receive them shortly after months of onerous deliberations from Congress. While the stimulus checks came much later than some Americans hoped for, students in particular were thankful for this round of checks after many of them being excluded from the first two rounds of checks.
John Sutherland, SSU student who received his check said, “while it’s better late than never, I’m just happy to receive the check.” He went on to say he’ll be “putting most of the check into savings.” Many more SSU students who haven’t been eligible for the first two rounds of the stimulus, are happy to be receiving it this time around.
As the third round of stimulus checks is being spread throughout the country, many people including the homeless were left wondering how exactly they’ll receive their highly anticipated check. While Americans have to take no additional steps in order to receive their checks, homeless people without a physical address or a bank account will have to go through a different process to receive their stimulus checks.
If an individual is homeless, they’ll have to go to a tax return office where they will file an Economic Impact Payment return for you. Afterwards the stimulus check will be loaded onto a debit card. If one is homeless and uses this process to receive your previous stimulus checks, according to MarketWatch they “should have automatically received their second $600 stimulus check and will receive their third in the same manner.”
Rob Eyler, economist and interim initial public offering at Sonoma State, said “As an economist, I think the checks are good if they help bridge lower-income households to broader economic recovery and reduce the “K-Shaped” recovery that has emerged in terms of lower-income households being more negatively affected by job loss and income loss as a result of the current recession. We will see how well that bridging takes place; the risks are that it only helps in the short term, is not spent, or creates more inflation pressure than additional economic growth.”
A ‘K Shaped’ recovery happens when, after a recession of sorts, separate parts of the economy recover at different times and rates. He went on to say, “Whether the money is enough is very individual and depends on if the household that receives it needs more due to increased debt and expenses versus other households that have experienced a more stable experience with respect to the household’s economics since March 2020.”
Most stimulus checks should’ve been distributed countrywide to over 130 million Americans by March 17. Some recipients of the third stimulus check may have a delay in the deliverance of the check itself for a few reasons. If your address has changed or if you’ve moved since the COVID-19 pandemic began, you have to alert the USPS and the IRS of the changes and update them with a new address. Once they’re updated with a new physical address, your stimulus check should be on its way in the mail. If you’ve had a baby in the past year or gained a new dependent, you have to make sure your taxes from 2020 are filed.
Last year on March 27, 2020 federal lawmakers issued a stimulus economic package of $2 trillion. This package will be putting checks of up to $1,200 per person directly into the bank accounts and pockets of many Americans countrywide in desperate need of an economic boost. Single adults with a reported income of under $75,000 on their 2019 tax returns will receive a check for $1,200 during the third round of stimulus checks. If you’re married and filed jointly with your partner, you’ll revive a check with $2,400 on it. For this round of stimulus checks, there’s about 15 million more citizens who are qualified to receive it. If your household income is over $120,000 as a whole, you may not be eligible to receive this stimulus check. If you still haven’t received your stimulus check and don’t know when you’ll be receiving it, you can track it and check on its status through the IRS’s main website at https://www.irs.gov/coronavirus/get-my-payment.
