4th stimulus check update 2022 — Huge $3,200 direct payments are scheduled to drop soon – see exact date yo… – The US Sun

HUGE new direct payments worth up to $3,200 are set to go out to thousands of Americans in just days.
Alaska passed a historic dividend program in June, combining the state's Permanent Fund with energy relief checks.
The first payment is $2,550, paying a dividend of Alaska's oil to their residents.
The second energy relief check is a one-time payment of $650 to offset inflation costs.
Alaskans will receive these two payments as a lump sum starting September 20.
Those opting out of direct deposits can expect their paper check after October 3.
Follow our live stimulus blog for more updates…
The Community Affordable Loan Solution
Millions of first-time buyers can purchase a home with zero money down thanks to a program from Bank of America.
The Community Affordable Loan Solution aims to help eligible individuals and families obtain an affordable loan to purchase their first home.
The program uses credit guidelines based on specific factors like timely rent, utility bills, and phone and auto insurance payments.
Past stimulus checks
Stimulus checks aren’t a new idea in America.
Past nationwide emergencies have prompted similar responses from the federal government.
In 1933, the New Deal sent direct payments to farmers and individuals to compensate for reduced production.
More recently in 2008, the Economic Stimulus Act included rebates of up to $600 per taxpayer, with an additional $300 payment per child.
Gas companies may face taxes on higher profits
“At $120 per barrel of oil, the levy would raise approximately $45billion per year,” Khanna told USA Today.
“At that price, single filers would receive approximately $240 each year and joint filers would receive roughly $360 each year.”
“If they avoid the tax, that’s less relief for the American public, but that means that their price will come down.”
However, Khanna said that the Democratic pair hasn’t gotten Republican representatives on board yet.
While this proposal may not succeed in Congress, the White House is considering imposing a windfall tax on oil and gas companies, per Reuters.
Many major oil producers have enjoyed record-high profits this year as gasoline prices soared.
Gas relief proposed for Americans
Democratic Senator Sheldon Whitehouse and Representative Ro Khanna have proposed a bill known as the Big Oil Windfall Profits Tax.
In the proposal, gas relief payments would be sent to lower-income Americans.
The funding would come from levying a per-barrel tax on major oil companies “equal to 50 percent of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019,” a brief of the bill says according to Yahoo Finance.
How to apply for a Pell Grant
To apply for a Pell Grant, you must submit an accurate Application for Federal Student Aid (FAFSA) form.
The form will be used by schools to determine eligibility for the grant and how much you can and will receive.
In order to maintain your eligibility for the Pell Grant, you will have to submit a FAFSA form each year you attend school, according to Federal Student Aid.
The moment you end your enrollment at an undergraduate establishment, you will no longer be eligible for federal aid.
Pell Grants explained
Pell Grants are “need-based aid that is intended to be the foundation for all need-based federal student aid awarded to undergraduates,” according to the Congressional Research Service.
The best part about Pell Grants is that they do not need to be repaid by the receivers – unlike infamous loans.
What are Pell Grants?
The Pell Grant has been awarded to students across the nation since 1973.
The federal aid program was authorized for postsecondary education students by Title IV of the Higher Education Act of 1965.
Up to $20k in student loan cancelation
Pell Grant recipients will see $20,000 canceled from their balance, and federal student loan borrowers who did not receive the Pell Grant will get $10,000 of their debt erased.
The forgiveness will be given to borrowers making less than $125,000 each year, President Biden revealed in a tweet.
To check if you qualify for $20,000 in forgiveness, you can log in to your FAFSA account and see if you received Pell Grants.
Student loan forgiveness eligibility for borrowers
Anyone with outstanding student debt who earns less than $125,000 annually qualifies for forgiveness, President Biden said on Twitter.
Biden campaigned on the promise of $10,000 in student loan relief and delivered on that pledge in August.
More than 43million Americans owe a total of $1.7trillion in student debt, according to the Federal Reserve.
“An entire generation is now saddled with unsustainable debt in exchange for an attempt at a college degree,” President Biden said.
“The burden is so heavy that even if you graduate, you may not have access to the middle-class life that a college degree once provided.”
Student loan payment freeze history, continued
In August 2021, the Biden Administration announced another loan extension and noted loans would be paused until January 31, 2022.
On December 22, 2021, the administration then announced that student loan repayment would be paused for another 90 days – until May 1, 2022.
Less than a month before the May 1 deadline, President Biden pushed back student loan payments until the end of August.
And in late August, as the deadline loomed once more, Biden pushed the freeze back until the end of the year.
According to the president, this will be the last extension of the repayment moratorium.
Borrowers should plan to resume payments in January 2023, the US Department of Education said in a statement.
History of student loan payment freeze
Under the CARES Act, student loan payments were originally set to restart on September 30, 2020.
The Trump Administration extended the deferment twice, through January 31, 2021.
Since taking office, President Biden has extended the payment freeze five times.
Within hours of becoming president, Biden pushed the deadline from January 31 to September 30, 2021.
2022 budget surplus, conclusion
Here are the remaining states that will distribute the surplus money: 
2022 budget surplus, continued
Here are the states that have or will share the budget surplus in the form of relief checks, tax rebates, or additional tax refunds:
2022 budget surplus
All 50 states had a budget surplus in 2022. 
At least 29 states had a surplus of over $1billion. 
Currently, 21 state legislatures have decided to send stimulus checks to their residents. 
Receiving your letter
Americans earlier this year should have gotten up to two important letters regarding stimulus and child tax credit payments in 2021. 
Letter “6475,” relating to stimulus payments, helps determine whether or not you can claim the recovery rebate credit on your 2021 tax return.
Moreover, the letter details how to claim the money when you file. 
Missing out on stimulus payment
report published in March by the Treasury Inspector General for Tax Administration found that more than 645,000 were missing out on stimulus payments, as of mid-September.
This includes the following, along with the number of people in each group who failed to get their payments:
Struggling fathers to get funds
Struggling fathers in Columbia, South Carolina can get recurring support under a city program.
Last year, 100 low-income fathers in Columbia got debit cards worth $500.
They will keep getting those payments for several months. 
Can states tax student loan forgiveness?
The short answer – yes.
There are a handful of states that are considering taxing student loan forgiveness, according to the Tax Foundation.
Under the American Rescue Plan Act (ARPA), the forgiveness of student loan debt between 2021 and 2025 doesn’t count toward federal taxable income.
However, states following the federal treatment can exclude the debt from their own state income tax bases – but not all will do this.
Calls for seniors to get stimulus
Inflation has hit older Americans hard.
The Senior Citizens League (TSCL) recently noted that Social Security claimant’s buying power has been slashed by 40 percent.
In October, Rick Delaney, chairman of the TSCL called on Congress to provide aid to retirees. 
“We believe that a special stimulus for Social Security recipients could help defray the higher costs some would face if next year’s [cost-of-living adjustment] bumps them into a higher tax bracket, causing higher tax rates on their income and surcharges to their Medicare Part B premiums,” Delaney wrote in a letter to the national legislative body.
Although lobbying efforts have continued into this year, seniors should not expect another stimulus check, GoBankingRates reported.
Millions of Americans to get $750 checks, continued
Taxpayers don’t need to apply as the payments are automatic and should be received by the end of September.
The relief applies to people and businesses who file certain 2019 or 2020 returns late – the failure to file penalty.
The penalty is typically taxed at a rate of 5 percent per month.
However, the rate increases up to 25 percent of the unpaid tax when a federal income tax return is filed late, according to the statement.
To qualify for returns, eligible 2019 returns must have been filed by August 1, 2020, and eligible 2020 returns must have been filed by August 1, 2021.
Millions of Americans to get $750 checks
The Internal Revenue Service (IRS) has announced it will automatically waive late-filing penalties for 1.6million taxpayers.
Additionally, the agency will issue over $1.2billion in refunds or credits to taxpayers who paid the fees.
This means that the average refund will amount to $750 per taxpayer.
The announcement came on the heels of struggling taxpayers still impacted by the pandemic.
What is being done about inflation?
In an effort to contain inflation, the Federal Reserve has raised rates four times this year.
More rate increases are expected in 2022, despite the historic hikes in the first half of this year.
In March, rates were raised by a quarter percentage point.
On May 4, rates were raised by a half percentage point.
In both June and July, the Fed increased rates by three-quarters of a point, pushing the federal funds rate from 0.25 in January to a target range of 2.25 to 2.5% now.
What is the current inflation rate?
The US Bureau of Labor Statistics released the latest inflation figures on August 10.
The Consumer Price Index (CPI) rose to 8.5% in July compared with a year ago.
Previously, the US Bureau of Labor Statistics said inflation rose to a whopping 9.1% for June.
Why are stimulus checks delayed?
An estimated 10million Americans had not received a stimulus check that they were entitled to, a March report found.
The Treasury Inspector General for Tax Administration conducted the report, revealing several factors as to why payments may be delayed.
The report by TIGTA said that manually verifying the stimulus claims and debit card policies has delayed the payments for as many as 10million people.
Links between stimulus checks and inflation
While stimulus checks did increase consumer spending in 2020 and 2021, other experts have noted that inflation is a global issue, and is occurring in countries that didn’t send out stimulus checks.
Josh Bivens, director of research for the left-leaning Economic Policy Institute, told NPR that corporate profits have contributed to increasing prices at least as much as stimulus checks.
There’s been an acceleration of core inflation across every advanced economy, even the ones that did very, very little fiscal relief,” he said.
“And so I think the evidence linking specific Biden-era policies to the surge in inflation is just really, really weak.”
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