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US pays $1.4 billion in coronavirus relief payments to dead ...
06-07-2020 16:10
US pays $1.4 billion in coronavirus relief payments to dead people
US pays $1.4 billion in coronavirus relief payments to dead people

Something rather curious has occurred in the US recently. The Internal Revenue Service paid nearly $1.4 billion in stimulus checks to dead people. According to a Government Accountability Office report, this was mostly due to a rush to pump money into the economy.

Thus, a chunk of the money went to the wrong places as the administration failed to consult death records to ensure that deceased people were not receiving funds. "The agencies faced difficulties delivering payments to some individuals, and faced additional risks related to making improper payments to ineligible individuals, such as decedents, and fraud," the report reads. Such an error has already happened before. During the financial crisis in 2008, thousands of deceased Social Security beneficiaries received stimulus checks as well. Curiously enough, the Internal Revenue Service is unlikely to legally deny payments to people who filed their tax returns in 2018 or 2019, even if they are dead now.

Overall, since the lifting of the quarantine restrictions, the US economy is recovering. This is why the government is gradually canceling benefits for Americans who are temporarily out of work. "We are reopening, and businesses are coming back. And, therefore, the jobs are coming back," Larry Kudlow, the White House economic adviser said. The current amount of unemployment insurance is $600 per week.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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