Believe it or not, some Americans have yet to receive funds from the third stimulus check, which was scheduled to arrive in 2021. Now, if they were eligible but have not yet received payment, they are looking at their final opportunity to obtain the money they are owed.
The third check, the only one passed during the Biden Administration and worth $1,400, was distributed to the majority of Americans in March of last year, but some who were eligible but did not receive it have been left waiting to receive the money. Now, if they file their taxes by the April 18 deadline, they may qualify for the credit—but this will be their final opportunity.
According to CNN, the IRS has stated that in order to qualify for a Recovery Rebate Credit, an individual must file a 2021 tax return, even if they do not normally do so.
However, once those eligible for those payments receive them, it will be the final federal payment received. While some states continue to provide stimulus checks through their budgets to assist their citizens in combating inflation, which has resulted in rising food and gas prices, the federal government appears to have signalled that it is done providing stimulus checks, despite record inflation that is causing stress for many Americans.
Cost increases have prompted increased calls for another round of stimulus money, with many indicating that assistance would be required as gasoline prices continue to rise, with a national average of $4.12 per gallon, according to AAA. Food costs have also increased, with eggs recently seeing an increase in price as a result of bird flu affecting the number of birds produced.
The government, on the other hand, is unlikely to send another round of aid because the stimulus checks, while necessary for many Americans during the COVID-19 Pandemic’s peak, are now a direct contributor to inflation. While price increases are also linked to still-congested supply chains worldwide and the ongoing Russia-Ukraine conflict, checks also contributed to the current economic state.
“Additional federal stimulus could stoke the flames of inflation even more,” Riley Adams, a licenced CPA and senior financial analyst at Google, told Yahoo! News in December. “With more income available to consumers, consumer demand may increase, further stressing an already stressed supply chain.”