Stimulus Checks Coming in June: 3 Cash Opportunities You Could Grab!

Stimulus checks serve as a critical tool for federal and state governments to support residents grappling with financial difficulties, especially those with lower incomes. The most significant recent federal stimulus came during the COVID-19 crisis, when the Biden Administration issued three rounds of stimulus checks to help Americans manage unforeseen expenses, such as widespread job losses and rising prices. Although no new federal checks have been issued recently, various states continue to provide their own financial aid, subject to specific eligibility requirements.

Final Opportunity to Claim the Last COVID-19 Stimulus

The most recent tax season marked the final chance for Americans to claim the third stimulus check, issued in March 2021 as part of the COVID-19 response. This payment, known as the Recovery Rebate Credit, was available this tax season to those who hadn’t claimed it previously. The amount of this final federal stimulus was $1,400.

The federal government allocated about $4.6 trillion for COVID-19 relief efforts, with $931 billion distributed through these stimulus payments. The pandemic led to the loss of over 22 million jobs, creating the most severe employment crisis since the Great Depression. Unemployment soared to a historical peak of 14.7%—the highest recorded since the Bureau of Labor Statistics started tracking in 1948.

Upcoming State-Issued Stimulus Checks This June

While the federal government has paused new stimulus checks, several states have declared they will issue their own payments in the upcoming months. Residents can look forward to these state-sponsored financial aids:

1. New York Inflation Refunds from the New York Department of Taxation and Finance
2. Pennsylvania Property Tax/Rent Rebate Program
3. Arizona Families Tax Rebate from the Arizona Department of Revenue

The New York Inflation Refund is a one-time payment scheduled for distribution in October to help residents counteract inflation-related financial challenges. Over 8 million households are eligible, with payments ranging from $150 to $400, based on filing status and income, with a cap at $150,000 for single filers and $300,000 for married couples filing jointly.

In Pennsylvania, the Property Tax/Rent Rebate Program provides up to $1,000 to qualifying homeowners and renters to assist with housing expenses. Applications are currently open and will be accepted until June 30.

The Arizona Families Tax Rebate offers $250 per dependent under age 17 and $100 per dependent age 17 and older, based on your 2021 tax returns. This rebate will be automatically issued to residents who filed their state income tax for 2021 and 2022.

Rumors of $5,000 and $2,000 Federal Stimulus Payments

Recent rumors have falsely suggested that the federal government is set to release $5,000 and $2,000 stimulus checks. The $5,000 claim originated from speculation that such a payment could be possible if the Department of Government Efficiency (DOGE) achieved a federal spending reduction of $2 trillion. However, DOGE has since adjusted their savings target to $150 billion, and no such stimulus has been confirmed.

Similarly, there have been unfounded rumors about a $2,000 stimulus payment. While the source of these rumors remains unclear, they likely emerged from confusion over the $1,400 COVID-19 Recovery Rebate or as misinformation related to the $5,000 stimulus rumors.