The American economy instantly entered a recession at the start of the coronavirus epidemic, and unemployment shot up to 14.8%, the worst level since records began in 1948.
As a result, the American government passed several stimulus plans that, among other things, kept 11 million Americans out of poverty, according to information from the U.S. Department of Health and Human Services.
While the coronavirus pandemic’s immediate impacts are now behind us, inflation, which surged to its greatest levels in 40 years, has emerged as a new threat to the economy for the year 2022.
Some are advocating for greater stimulus to assist alleviate the strain this is having on Americans’ finances. The current status of summer 2022 federal and state stimulus programs is shown below.
Some lawmakers continue to call for more federal stimulus.
Although the American economy has generally been doing well over the past year, some symptoms of weakness have some federal lawmakers crying for more stimulus.
The larger child tax credit, improved unemployment benefits, and mortgage aid programs have all come to an end, which has dramatically increased the basic cost of living for most Americans in addition to the increasing inflation rate.
Many Americans would be plunged right back into a state of economic uncertainty if the economy were to experience the impending recession that some economists predict it may.
Against this context, several bills have been proposed during the past year or two, but none of them has taken off. For instance, a letter requesting continuous, monthly stimulus cheques for Americans was signed by 21 senators in March 2021, but it was ignored.
To strengthen the country’s pandemic response, the Biden administration asked Congress for $22.5 billion in March 2022. However, not even that request specifically requested more direct payments to Americans.
The White House wanted $4.25 billion to go to the State Department and $18.25 billion to the Department of Health and Human Services, as well as $4.25 billion to the United States Agency for International Development. However, the Senate essentially stopped this proposal from passing.
In other words, the Biden administration is failing to enact even pandemic-supporting legislation that it sees as essential, after earlier favouring direct stimulus payments. Given the political climate at the moment, the odds of a fourth direct stimulus check are at best remote.
On Capitol Hill, there doesn’t seem to be any movement toward a fourth stimulus check, but some states are stepping up.
Here are a few of the stimulus measures that have been approved or are currently being considered in different states.
California
It appears that California citizens who own registered cars will get a check for $400 for each car they own, up to a maximum of two, before the end of the year. Details are still being worked out.
While the plan’s specifics are still being worked out by state lawmakers, it appears that before the year is through, people would get at least a portion of the state’s budget surplus.
Colorado
A bill requiring payments to taxpayers of at least $400 this year was signed by the governor of Colorado, Jared Polis, in late May. In September, payments are predicted to arrive.
Delaware
One-time $300 “relief rebate” payments will be provided to individuals who have filed their 2020 state tax returns by the end of May. Delaware was one of the first states to work toward providing relief to state residents.
Georgia
Gov. Brian Kemp of Georgia signed a bill establishing rebate payments of $250 for individuals, $375 for heads of household, and $500 for joint filers.
Hawaii
Hawaiian lawmakers agreed to Gov. David Ige’s proposal to send $300 rebates to inhabitants of the state making less than $100,000 annually and $100 payouts to those making more. In late August, payments could start to be processed.
Idaho
Another state that started planning for 2022 early was Idaho, which in March gave full-time citizens of the state a $75 rebate. The payments technically amounted to the greater of $75 or 12% of an Idaho resident’s 2020 state taxes.
Indiana
In May, Indiana citizens who filed their 2021 taxes began to receive $125 in tax rebate checks.
Maine
Residents of Maine who earn less than $100,000 in federally adjusted gross income will soon be receiving sizeable stimulus payments of $850 ($150,000 for heads of household and $200,000 for joint filers). Payments commenced on June 1st.
Minnesota
Although the specifics of the payments have not yet been made public, some frontline employees in Minnesota can anticipate receiving a one-time payment of $750 in 2022.
North Jersey
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A “Middle-Class Tax Rebate” of up to $500 was provided to eligible taxpayers by New Jersey in 2021. Gov. Phil Murphy allocated additional $500 compensation in his 2022 budget for taxpayers who paid taxes with a federal ID number rather than a Social Security number.
In New Mexico
In New Mexico, several refunds have been approved, including a $250 rebate for taxpayers making under $75,000 a year and a $500 rebate for all taxpayers. While the $500 rebates will be distributed in two payments, one in June and one in August, the $250 rebates will be distributed in July.
