The United States economy took a heavy hit during the COVID-19 pandemic. Five years later, the country seems to be building its strength. Nonetheless, many citizens are still struggling, wondering if there will be more government support through additional stimulus checks for 2024.
With the US government’s American Recovery Plan, implemented during the pandemic’s peak, many citizens received stimulus checks that helped me compensate for having less work, being unable to work because of illness, and financial hardships.
In 2021, the IRS gave out stimulus checks of $1,400, and more than 476 million payments were made. The economy received a financial boost of $814 as a result of these payments.
While these payments were helpful at the time, many Americans are still struggling with continuous economic strain. Without any additional relief efforts, many citizens are still struggling to make ends meet.
Will the Americans receive more stimulus checks in 2024?
Most Americans would be very grateful to receive a stimulus check-in 2024. Unfortunately, Zack Hellman, an influential figure in the economic sector, has expressed his doubts about the federal government handing out new payouts.
Hellman explained that the government’s focus has shifted to economic recovery. Therefore, financial aid such as stimulus checks aren’t on the legislative agenda. It seems the government wants to focus more on long-term economic strategies than short-term financial aid.
Yet, there is hope for some Americans. Some state governments are picking up the slack and supporting Americans with financial assistance. Here are what some states are offering.
- Pennsylvania’s Expansion: Pennsylvania has widened its property tax and rent rebate program. They are offering an additional $1,000 to eligible residents.
- Vermont’s Property Tax Credit: Homeowners in Vermont can receive a substantial credit when paying their property taxes if they meet certain criteria
- Alabama’s Grocery Tax Offset: Taxpayers in Alabama are eligible to receive additional funds to offset the taxes paid on groceries throughout the year.
Other ways Americans can receive economic support
While citizens shouldn’t expect much economic relief from the federal government, many state governments are looking to support their residents.
Additionally, the IRS tax refunds continue to be a source of economic support for many Americans who qualify.
Of course, the amount of these refunds varies depending on each person’s tax returns. Therefore, it’s important that Americans abide by their tax obligations to have a chance at receiving a tax refund.
For Americans, it’s important to check in with your state’s relief programs and stay up to date with their taxes to see if there are any relief options available.
It’s hard to say how the economic landscape will continue to unfold in 2024. One thing that seems certain is that the federal government is focusing on building a stable financial future. But this doesn’t mean citizens won’t have any help. More and more state relief programs are popping up to support Americans get back on their feet.