More Americans Want Stimulus Check Payments in 2023, But There's a Big Problem

There will be no additional stimulus check payments for the 2023 tax refund, according to a memo from the Internal Revenue Service.

The IRS noted that the reason behind the lack of issuance of stimulus money was there were no Economic Impact Payments for the year 2022.

The agency released the bulletin on November 22, 2022, addressing the absence of stimulus checks on the current tax year, resulting in smaller tax refunds in 2023.

Stimulus Check 2023

Faced with higher-than-average costs of basic goods due to inflation, many people are expecting that there will be some form of financial assistance to make ends meet.

In March 2021, Americans received the last federal stimulus round of $1,400 stimulus check payments. Since then, there has been no other discussion if there would be stimulus check payments for the year 2023.

In a recent survey, it was found that 62% of Americans are in favor of more stimulus or inflation relief checks in 2023. Meanwhile, 22% are not in favor of more stimulus or inflation relief checks, while 16% remain undecided regarding the topic.

There has been hesitation in sending out another round of stimulus money as there is fear that another issuance of stimulus payment would further drive inflation and have adverse impacts on the economy.

U.S. President Joe Biden's administration was criticized for the spending package it signed into law in March after Federal Reserve Bank of San Francisco's research suggested that inflation may have a temporary boost due to the COVID-19 relief package.

The research found that spending had an effect on inflation but suggested that it is most likely to be temporary.

With the uncertainty on the issuance of stimulus check payments in 2023, CEO of DebtHammer, Jake Hill, suggested that Americans should be "very wise" when spending any financial assistance given to them.

Hill said the best way to spend stimulus check payments is to either pay down debt or put away for future savings opportunities.

Some states have taken the matter into their hands by providing some form of financial assistance to their residents.

Stimulus Check Payments

Millions of Californians have been given inflation relief checks to offset the high price of gas and the rising cost of living.

People who earn under $500,000 per year receive a one-time payment varying from $200 to more than $1,000.

The program has benefitted more than 22 million people. The payments were issued through direct deposits or debit cards.

Florida also offered some of its residents a one-time payment of $450 per child as part of Hope Florida, which is run by the Department of Children and Families.

Eligible recipients are foster parents, relative and non-relative caregivers of children, and families receiving other forms of cash assistance, such as the state Guardian Assistance Program and Temporary Assistance for Needy Families.

If eligible, you should receive the payment by mailed check.

Other states that issued the same financial assistance are New Mexico, Hawaii, Oregon, and Virginia, among others.

READ MORE: Disaster SNAP Benefits Update: Are You Eligible for New Florida Payments?

This article is owned by Latin Post.

Written by: Mary Webber

WATCH: Many taxpayers can expect smaller refunds in 2023 - from CBS News