$500 Stimulus Payment: Which states could be sending a new payment soon? – The $500 stimulus check will be offered in five states across the country.
Americans in California, New York, Michigan, Washington, and New Mexico can receive $500 as part of an initiative to help them make ends meet during the fourth quarter of 2024.
In response to the COVID-19 pandemic, which plunged the nation into lockdown and destroyed the economy, the United States government is taking steps to help residents recuperate.
IRS-supervised, the program is available to low-income families and individuals and is often called an Economic Impact Payment.
In order to help families adjust to the changing economy, a $500 Stimulus Card 2024 will be provided to qualified citizens who applied. This will allow them to spend the money on gas, heating, rent, food, and water.
As part of the Guaranteed Income Program, 150 residents of Fresno County will receive $500 stimulus checks each month.
The program is expected to roll out in August 2024.
$500 Stimulus Payment – With the help of the Guaranteed Income Program, 100 Ann Arbor citizens will receive monthly checks worth $528 starting in August 2024, with the aim of helping small businesses grow.
University of Michigan’s Poverty Solutions team is aiming to boost economic activity in the area through the program.
How did the COVID-19 pandemic hurt the US economy?
Due to COVID-19, or rather the government that imposed excessive measures, the U.S. economy suffered massive job losses and unemployment spikes.
As a result of the pandemic, supply chains were disrupted, consumer spending was reduced, and the country’s GDP dropped by 3.4%, the worst decline since 1929’s Great Depression.
Before 2021, 22 million people lost their jobs and 200,000 businesses announced permanent closures, increasing unemployment to 14.8%.
There was a severe economic slump in the travel, hospitality, and retail sectors due to government lockdowns, and debt soared to $28 trillion, of which five trillion came from stimulus measures.
