Believe it or not, some Americans have yet to receive monies from the third stimulus check due in 2021. If they were eligible and have yet to get payment, they are now looking at their last chance to get the entitled money.
Most Americans received the third check, which was the only one passed under the Biden administration and was worth $1,400, in March of last year, but those eligible but did not receive it have been stuck waiting to receive the money. If they submit their taxes by the April 18 deadline, they may qualify for a refund—but this is their final opportunity.
According to CNN, the IRS has stated that an individual must file a 2021 tax return to receive a Recovery Rebate Credit, even if they do not usually file one.
However, it will be the last payment received at the federal level when those qualified for those benefits get them. Even though the federal government has seemingly signaled that it is done providing stimulus checks, even in the face of record inflation that is causing stress to many Americans, some states are still rolling out some reviews through their budgets to help their citizens combat inflation, which has led to rising prices both on food and gas.
The surge in expenses has prompted renewed calls for more stimulus money, with many suggesting that help is needed as the gas price continues to rise, with the national average price of $4.12 per gallon, according to AAA. Food prices have also increased, with the cost of eggs recently rising due to a bird flu outbreak that reduced the number of eggs produced.
On the other hand, the government is unlikely to send out another wave of aid because the stimulus payments, while necessary for many Americans during the COVID-19 Pandemic when they were unemployed, now contribute directly to inflation. While price rises are linked to still-congested supply chains throughout the world and the ongoing Russia-Ukraine conflict, checks also played a role in the present economic situation.
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Deforestation hit a new high in the first quarter. Amazonian rainforest in Brazil In December, Riley Adams, a licensed CPA and senior financial analyst for Google, told Yahoo! News that “injecting additional federal stimulus into the economy might ignite the fires of inflation even more.” “With more money in people’s pockets, consumer demand may increase, exacerbating an already pressured supply chain.”