$500 Stimulus Checks Payment Eligibility, Payment Date & Fact

$500 Stimulus Checks Payment 2024: One approach that has gained attention is the Guaranteed Basic Income (GBI), also known as the Stimulus Check. This is part of the US government’s efforts to help residents and the public recover from the devastating effects of the COVID-19 pandemic that forced the country into lockdown and devastated the economy.

The program is overseen by the Internal Revenue Service (IRS) and is available to low-income individuals and families, also known as Economic Impact Payments to combat inflation. Residents of California, New York, Michigan, Washington and New Mexico can apply for $500 Stimulus Checks as part of an effort designed to help Americans make ends meet in the second half of the 2024 calendar year.

$500 Stimulus Checks Payment Date September 2024

$500 Stimulus Checks Main Objectives

• To help low-income households deal with medical expenses
• Mitigate the effects of excessive inflation
• These efforts are aimed at ensuring that households receive ongoing assistance in the time they need to navigate through difficult economic times.
• As part of the evolving economic development, various incentives are being implemented across the United States.
• Some of these initiatives are derived from budget surpluses, while others are based on past tax returns and income.

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Know when and which states may soon send new payments?

The program will start in September 2024. A total of 100 Ann Arbor residents will receive monthly checks of $528 in September 2024, with the aim of supporting small business owners and helping them grow. This is also part of the guaranteed income program.

• The program works by providing eligible citizens who apply for the program with a $500 Stimulus Card 2024, to help families adapt to changes in the economy and spend on necessities such as gas, heat, rent, food and water.
• In California, 150 Fresno County residents will participate in the Guaranteed Income program and receive $500 in stimulus checks every month from the state and federal governments.
• This is part of a plan by the University of Michigan Poverty Solutions Team to stimulate economic activity in the region.

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How has the COVID-19 pandemic affected the US economy?

The pandemic disrupted supply chains, reduced consumer spending, and caused a massive 3.4% drop in GDP, the worst recession since the Great Depression of 1929, which devastated Wall Street. COVID-19, or rather the government’s excessive policies, have hit the US economy hard, causing large-scale business closures and, as a result, massive job losses and a sharp rise in the number of unemployed.

Additionally, unemployment rose to 14.8% by April 2020, 22 million people lost their jobs, and 200,000 companies announced permanent closures by 2021. The travel, hospitality, and retail industries were hit particularly hard by government lockdown and debt shot up to $28 trillion, $5 trillion of which was from stimulus packages aimed at keeping the economy afloat.