During the COVID-19 pandemic, various negative economic effects were experienced, including loss of jobs and instability of firms across the country. Despite this, some people are yet to recover from their losses because the economy has not fully rebounded, coupled with a high inflation rate. This direct deposit would be the subsequent continuation, of sorts, of the prior stimulus check deliveries that ceased in late 2021.
If the plan is approved, the $1400 payments would be much needed for the struggling populations to cater for the basic needs such as food, rent or bills.
These payments are also regarded as a form of supplementary incentive to spend on purchasing goods and services, obviously to boost the economy.
They basically spend the money on opening up savings accounts, buying stocks, or small businesses or ventures, thus the chances of initiating better financial security would be opened up to the recipients.
While the payments are still being discussed, the plan states that people earning $75,000 or less per annum and married couples with an income of $150,000 or less would be included.
For which categories do people would be assessed for receiving the payment?
Indeed, permanent residents in the United States, as well as seniors aged 65 years and above, as well as disabled individuals should also meet the requirements. This policy may be incorporated into the program for single earners within a household earning up to $ 125,000 per annum.
If the initiative proceeds, the IRS will announce an official timetable to explain to citizens when they can expect their payments. The processing for each month is expected around the middle of the month, but specific dates will not be finalized until the program receives approval.
At the moment, the $1400 Direct Deposit for 2024 is still in the works; it has not been ratified by the IRS.
