Recently, there has been news that new stimulus checks may be hitting beneficiaries’ bank accounts soon. With the cost of living reaching an all-time high, many people would welcome a stimulus payment from the federal government to help cover rising household expenses. The last time a widespread federal stimulus payment was implemented across the nation was during the COVID-19 pandemic, where three rounds of stimulus payments were paid out to help ease the financial burdens associated with the pandemic.
Cost-of-living reaches an all-time high
Rumors of a new $2,000 stimulus check have been circulating online as the cost-of-living continues to be a significant concern for Americans nationwide. With the Trump Administration now over 100 days in the Oval Office for President Trump’s second, non-consecutive term, many voters were hoping that the cost of living would improve. However, amidst global tensions due to President Trump’s tariffs, the cost of living seems not to have improved for many.
“I felt this year was going to be a dramatic change for all the better,” describes certified nursing assistant Traci Dixon, 37, who was working a long shift on Election Day and didn’t vote in last year’s presidential election to USA Today “But there’s all this darkness that’s already here and it’s only April.”
Trump recently cracked down on tariffs for multiple countries across the globe, including neighboring trading partners Canada and Mexico. A minimum 10% tariff is to be applied to nearly all nations, with certain nations subject to considerably higher charges of up to 50%. The president claims that the increased tariffs will increase tax receipts, encourage American consumers to buy more American-made products, and draw large amounts of foreign investment to the US. However, many economists warn that the US is heading for a recession based on the current economic climate.
New $2,000 stimulus payment?
There has not been any confirmation that a $2,000 stimulus check is to be distributed this month. The only confirmed payments for this month continue to be the monthly Social Security benefits, specific social program initiatives within certain states, a double round of Supplementary Security Income (SSI) payments for beneficiaries, and others.
Each month, Social Security benefits are paid out according to a strict schedule. Beneficiaries will see their regular payments from the retirement fund, Disability fund, and the SSI fund. However, SSI beneficiaries will receive a double payment as the June SSI payment date falls on a Sunday, which means that the June payment will be distributed on May 30.
Other state-specific initiatives, such as California’s Family First Economic Support Pilot will also continue to be paid out to beneficiaries. However, these programs are not nationwide and are specific to individual states and county. The Family First Economic Support Pilot in California is a program intended to provide an income for families in California living below 200% of the federal poverty line.
Keep updated from reliable sources regarding payments
In times where there is a cost-of-living crisis, scammers may try to take advantage of this vulnerability and try to get you to submit your financial information by pretending that you qualify for a stimulus payment. It is important that you receive any updates regarding this from official state sources and documents, and do not ever give away your banking information online.
If, however, such a payment were to occur, the qualifying criteria would most likely mirror previous stimulus payments and not apply to all citizens. Those who earn less than $75,000 a year would most likely be the targeted group, as stimulus payments are intended to help the lowest-income earners amidst the financial crisis. Those who earn above $100,000 are generally excluded from these payments, so if you fall into this camp, it does not matter anyway if such a payment is coming or not, as it most likely will not apply to you.
