What are economic impact payments?

[Good-Person]

Economic impact payments are the kind of payments that are received by people when a country suffers from a natural disaster or pandemic. This may occur in many forms and there are many people who may be eligible to receive such kind of payments from the government. So, what are the benefits of economical impact payments?

 

[Dice]

Economic impact payments, often referred to as stimulus checks, are like financial aid from the government. They are designed to help people during challenging times, like economic downturns or crises (such as the COVID-19 pandemic). These payments are typically a one-time or periodic sum of money sent to eligible individuals and families. The goal is to provide financial relief and stimulate spending to support the economy.

 

[Kane]

Economic impact payment comes as an aid, interest-free loan, or low-cost soft loan for countries that are going through financial hardship. Recently, when Sri Lanka was declared bankrupt, a lot of countries offered economic impact payments to Sri Lanka.