Why did Covid-19’s economic impact have to be checked? Most of the globe was hit really bad and the economic downturn was a major hindrance for several who lost their jobs.
Especially those Americans who stayed abroad, federal data showed that the stimulus checks could minimize the impact. A panel of experts ranging from US lawmakers to policy funding strategists came together to set up a sound rationale for funding the Americans overseas.
Why stimulus checks were needed
However, aspersions were cast on the extensive net and whether the payments would go to the right places as people thought. Eyebrows were raised and questions asked if they needed to go there, but the critics also knew they had to because the help had to reach those who most needed it, especially during a humanitarian crisis.
According to agency statistics made available, the IRS issued 3.7million worth of payments to individuals residing outside of the country. These figures include the three pandemic waves. The list of people who got these benefits includes US citizens living on foreign shores, military members who have stayed on duty overseas and citizens who stay in US territories.
How much spending was done
Statistics show that about 9 million US citizens reside on foreign soil and the stimulus checks that have now been issued be beneficial for them to continue living without hindrances. They now happen to qualify, all thanks to the expansive eligibility framework that the US lawmakers have set up.
The payments aren’t as significant compared to the three rounds of funding of 472 million that happened to be issued. The scale of overseas funding happens to be less than 1% when you looked at figures sent out by the IRS three times in the pandemic was $1,200 per person in March, $600 in December, and $1,499 in March following year.
How do they work?
The funds happen to be advance payments to a refundable tax structure which come with the recovery rebate credit. These advance payments also called stimulus checks or Economic Impact payments, have been formulated to boost the US economy to generate the demand for goods and services. Only the households with enough money will get back to purchasing, which was made possible through these stimulus checks.