Big Money Coming Fast – $500 Stimulus Checks Are Almost Here!

If you live in one of the states recently listed, you might be eligible for a $500 stimulus check arriving in the coming week. This initiative, a collaboration between federal and state governments, aims to provide relief to families still grappling with financial strain caused by the COVID-19 pandemic.

This effort falls under the IRS’s Economic Impact Payments (EIP) program, which has been created to help individuals and families with low to moderate incomes. These groups were hit hardest by inflation and the economic turmoil brought on by the pandemic, making them the prime focus of this initiative.

How Will the Stimulus Be Delivered?

Beneficiaries will receive their payments through the 2024 stimulus cards—prepaid cards loaded with $500. These cards can be used to pay for essential expenses like groceries, gasoline, rent, heating, water, and more. It’s designed to give recipients some immediate breathing room in covering basic needs.

California, for example, is rolling out its Guaranteed Income Program in Fresno County. Around 150 residents will receive $500 monthly starting in August 2024, with financial support coming from both state and federal funding.

Other States Joining In

Michigan is also launching a similar initiative, with 100 Ann Arbor residents receiving monthly payments of $528 starting in August 2024. Like California’s program, this is part of the larger Guaranteed Income Program, aimed at helping small business owners and entrepreneurs overcome economic hurdles and grow their businesses.

The University of Michigan’s Poverty Solutions team has been a crucial player in making this program a reality. Their goal is to stimulate the local economy while assisting those who need help the most.

Tracking Your Payment

If you’re eligible for this stimulus check, you can track your payment using the IRS’s “Get My Payment” tool on IRS.gov. You’ll need to provide your Social Security number, birth date, street address, and ZIP code to get the status of your payment. If your payment is scheduled, the tool will show how it’s being sent—either through direct deposit or by mail.

Sometimes, the tool may display a “Payment Status Not Available” message, which usually means the IRS is still processing your payment or you might be ineligible. A “Need More Information” notice suggests that your payment was returned and further steps are needed to update your information.

Payments may come via direct deposit, paper checks, or prepaid EIP cards, which will arrive in white Treasury envelopes. EIP Cards will also come in white envelopes and feature the Visa logo. These cards allow you to shop anywhere Visa debit cards are accepted, earn cash back at stores or ATMs, and even transfer funds to your bank without fees.

To activate your card, simply call 1-800-240-8100, sign the back, and store the card number securely. If you missed earlier stimulus rounds, you might still be able to claim them by filing your 2020 tax return and requesting the Recovery Rebate Credit.

Why Another $500 Stimulus?

The economic fallout from the COVID-19 pandemic has been devastating. The sudden shutdown of businesses, paired with strict lockdown measures, resulted in massive job losses and an unemployment rate that soared to 14.8% in April 2020. It’s estimated that over 22 million people lost their jobs, and around 200,000 businesses were permanently closed by 2021.

The ripple effects went beyond unemployment. Supply chain disruptions and reduced consumer spending triggered a 3.4% drop in the national GDP—the worst decline since 1929. The tourism, retail, and hospitality sectors were especially hard-hit during this crisis.

In response, the U.S. government injected $5 trillion into the economy to prevent a complete collapse. Despite these efforts, many families still struggle to find financial stability.

How the $500 Helps Families

This new $500 stimulus is a targeted solution to help families get back on their feet. For many, it’s an essential lifeline, providing immediate help with groceries, rent, and other critical needs. It can be the difference between staying afloat or falling deeper into financial hardship.

Programs like those in California and Michigan offer families a reliable income stream, making it easier to plan for the future. Beyond immediate needs, these guaranteed income programs help families invest in small home improvements or business ventures, which in turn can boost the local economy.

Looking to the Future

While the $500 stimulus is temporary, some experts believe we may see more initiatives like this in the future, especially if economic conditions remain challenging. Discussions around universal basic income (UBI) have gained traction, and the idea of regular, government-provided income support may become more mainstream in the coming years.

The U.S. government continues to explore new ways to support its citizens, particularly those in vulnerable situations, to ensure they can navigate ongoing economic challenges with some level of security.