A social welfare scheme has been started by the Federal Government of US in the month of June 2024 to alleviate the financial woes of thousands of families post the COVID-19 crisis.
The $8,700 stimulus checks will go a long way in reducing the economic burden of the weaker sections of the society.
The $8700 Stimulus Checks payment plan also envisages continuing the increased Child Tax Credit and at the same time makes significant changes to eligibility and payment systems in order to satisfy the needs of the present state of economy.
Read on to know all the details of the $8700 stimulus check including payment amount, overview, details, eligibility requirement, payment dates etc.
$8700 Stimulus Checks are meant for families who were vulnerable and most affected by the pandemic and they continue to receive support as well as weather the global economic crisis and the rising cost of living.
The $8700 Stimulus Checks payment is available for single taxpayers who make less than $75,000 yearly or joint filers who make less than $150,000.
The eligibility of the members will be verified by the IRS to ensure that the benefits are accrued by those who need it most, providing financial security to help them overcome these challenging times.
New $8700 Stimulus Checks – Overview
| Organization | Internal Revenue Service |
| Benefit Name | Stimulus Checks for Everyone |
| Applicable in | USA |
| Amount | $8700 |
| Payment | June 2024 ($725 Per Month) |
| Category | Government Aid |
| Official Website | https://www.irs.gov/ |
Eligibility Criteria for $8700 Stimulus Checks
The eligibility criteria includes-
Applicant’s adjusted gross income (AGI) does not exceed $75,000 or $150,000 for married couples filing jointly. If the AGI exceeds the limit of $198,000 the individual will get half the amount.
Details of eligibility requirements for the $8,700 stimulus payments are available at the official IRS website for the latest updates.
$8,700 Stimulus will be determined by the adjusted gross income (AGI) from 2022 tax returns and the number of qualifying dependents.
First payment will be done by June 15 and the rest of the installments will be released by the 15th of each month until December 15, 2024.
The payments will be released by IRS payments via direct deposit for those who have provided their bank account details on recent tax returns.
Qualified individuals who have an Adjusted Gross Income (AGI) below $75,000 or couples filing jointly with an AGI under $150,000 can receive a maximum monthly payment of $1,450.
The $8500 is for a family with one qualifying child. The amount will be decreased for income above this level.
Also Read: Joe Biden Administration Announces $7.7 Billion Student Loan Debt Relief, Know Who Are Eligible?
