Social Security’s November Update – Thanksgiving Payment Eliminated

Since the start of the COVID-19 pandemic, the U.S. government has launched various relief programs to help Americans cope with the economic impacts of job loss, health expenses, and rising inflation. The American Rescue Plan Act (ARPA), introduced in 2021, was one such initiative, providing stimulus checks to millions of Americans to support household income during a challenging time. Despite the widespread relief efforts, recent rumors about a new payment in October 2024 have left many wondering if additional COVID-19 relief payments are on the horizon.

Here’s a closer look at what’s true, what’s rumored, and how to ensure you’re informed about legitimate relief payments.

American Rescue Plan

When the American Rescue Plan Act was signed into law in 2021, it brought $1,400 stimulus checks to eligible individuals and $2,800 to married couples filing jointly who met income requirements. This was the third round of federal payments, following two previous rounds that distributed checks of $600 and $1,200.

To qualify for the third stimulus payment:

• Single filers needed to earn less than $75,000 annually.
• Married couples filing jointly needed to earn less than $150,000 combined.

These payments provided a lifeline for millions facing income disruption and medical expenses due to COVID-19. The ARPA also directed $3 billion to the Economic Development Administration (EDA) for local initiatives to help Americans recover from the pandemic’s economic impact.

Unclaimed Payments

While there has been no new round of stimulus payments for 2024, the IRS recently clarified that individuals who missed previous relief payments can still claim them. Eligible people who did not receive their 2021 payments can file for a rebate until April 25, 2025. This rebate provides a safety net for those who may have been excluded due to errors or oversights during the original distribution.

Rumors

Recently, speculation has spread about a potential fourth stimulus payment. Social media platforms fueled these rumors, suggesting that the Federal Reserve might issue another round of $1,400 payments to Americans.

Unfortunately, this is not accurate; there is no confirmation from the Federal Reserve or any government agency of a fourth stimulus check. As Thanksgiving approaches, citizens are encouraged to rely only on verified sources for information to avoid disappointment.

Fake News

Misinformation about government payments, especially on social media, can cause confusion. Here are a few reasons why false claims about federal payments tend to circulate:

• Emotional Appeal: The notion of unexpected payments resonates with people experiencing financial hardship, making them more likely to share and believe in these claims.
• Misinformation and Engagement: Fake news often uses sensational language to capture attention and generate engagement online. Viral posts may prioritize views and clicks over accuracy.
• Frustration and Manipulation: People frustrated with rising costs or government policies may spread unverified information, which may also be exploited by malicious actors seeking to manipulate public opinion.

The IRS has addressed some of these misleading claims, warning people to be cautious of unverified sources. For example, a recent viral post claimed that the IRS would provide a $185,000 payment to homeowners—a claim with no factual basis. In a time of economic uncertainty, rumors can easily gain traction, so it’s important to verify any claims directly with official channels.

Preventing Scams

To combat misinformation, the IRS has increased its efforts to provide accurate information through official channels. Here’s how you can protect yourself from misleading claims:

• Follow Official Channels: Verify news about payments on trusted platforms, such as the IRS website or government announcements.
• Report Suspicious Posts: Social media platforms allow you to report misinformation; doing so helps prevent the spread of fake news.
• Be Skeptical of Viral Claims: If you see a headline about a major new payment, look for confirmation on reputable news websites or official government sites before assuming it’s true.

Staying informed through official sources can help prevent disappointment and protect against potential scams.

What to Expect

As of now, there is no confirmed plan for a fourth stimulus payment. Any updates on additional support measures would come directly from federal agencies like the IRS, the Department of Treasury, or the White House. For individuals still facing financial challenges due to the pandemic, it’s crucial to stay informed about any government relief efforts or tax credits that may help.

The American Rescue Plan continues to provide resources for Americans affected by the pandemic, but rumors about a new payment in October 2024 are simply that—rumors. Always check with official sources to ensure the information you receive is accurate and reliable.

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