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The federal government has not moved forward with sending a fourth stimulus check in 2022, despite many calls from struggling Americans for Washington to take action. This doesn't mean people aren't getting a stimulus payment, though. In fact, millions of people across the country will see money in their bank accounts due to the fact that states are stepping up and distributing cash.
Just how much money is being sent out? Economists from Deutsche Bank recently released data to answer this question based on their analysis of how much money individual states are distributing. And the amount of cash being sent out will likely shock you.
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Here's the total amount of stimulus money likely to go out in 2022
According to an analysis by Deutsche Bank economists, more than half of the population of the United States is going to receive a stimulus payment in 2022. This money will come from an estimated 20 U.S. state governments that have either already enacted legislation to provide stimulus legislation or that are in the process of doing so.
In total, the Deutsche Bank economists estimate that the combined payments across these states will add up to $31 billion. That's around a third of the total amount of payments that were sent out by the Biden administration as part of the American Rescue Plan Act signed into law in March of 2021. The American Rescue Plan Act was well known for the $1,400 payments it distributed to eligible Americans across the country.
The exact amount of money each individual American will receive is going to vary widely, depending on location. Payments could be as low as $75 per taxpayer for those living in Idaho, or as high as $3,284 per eligible individual for those living in Alaska.
While this may be good news for the people receiving the payments, some economists are concerned that this extra money could drive up demand and thus increase the amount of inflation that is occurring. Since inflation is already at a 40-year high, this could cause some people to experience even more strain on their budgets.
Will you get a state stimulus check?
To find out if you are entitled to a portion of the estimated $31 billion being distributed, you will need to see if your state has agreed to provide stimulus payments or is in the process of trying to do so. You can find a list of state sending out payments here, or check with the Department of Revenue where you live to find out if money is on the way.
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