Tuesday, March 21, 2023

Fourth Round Of Stimulus Checks

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Fourth Stimulus Check Update: How To Get Another $1400 Direct Payment

Some Americans will be eligible for a $1,400 stimulus check this year even if Congress doesn’t pass any legislation for another round of checks.

Republicans and Democrats fought hard over the issue of stimulus checks after passing the first round in 2020, so most Americans have already received all the money they’re likely to get. However, some Americans will be able to claim additional payments when they file their taxes and they could be eligible for the full $1,400 payment.

One way Americans could be eligible for a full $1,400 payment is if they had a child in 2021. Why? Because the 2021 Economic Impact Payments were based on a person’s 2020 or 2019 return. So, any eligible dependent that came into the family last year wouldn’t have been included in the payment amount.

Those who have a child who qualifies for the Recovery Rebate Credit can claim the dependent when they file their 2021 tax return this year. To be eligible, the child must be under 19 at the end of the year unless they’re a student and a child, brother, sister, foster child, stepsibling, half-brother or half-sister or a descendant of any of them.

Unlike the first two rounds of payments, which limited dependent eligibility to just children, the third stimulus check made accommodations for dependents of all ages. So, a person who adds a parent or grandparent or another eligible dependent to their household could also be eligible for a $1,400 payment.

The Claim: A Fourth $2000 Stimulus Payment Is Being Sent Out

With tax season underway, some experts have warned that the 2022 season may see some of the issues of 2021, when several rounds of stimulus checks caused severe logjams in the IRS’ filing system.

While it’s been about a year since stimulus checks were last dispensed, an array of social media posts claim a fourth round of stimulus checks are on the way.

“SENDING OUT $2,000 CHECKS FOR EVERYONE! FOURTH STIMULUS CHECK,” says the title on a viewed more than 20,000 times.

videos with titles claiming the checks will be deposited Feb. 9 drew 40,000 more views.

But none of the videos followed through with any proof of an upcoming payment. Because there isn’t one.

No fourth stimulus check is imminent, the IRS confirms.

The poster couldnt be reached for comment.

Don’t Miss: $1.9 Trillion Stimulus Breakdown

Social Media Posts Have Recently Claimed That A Fourth Stimulus Check Is On Its Way

With the pandemic still very much underway, the call for a fourth stimulus check has been growing. It’s no surprise then that social media scammers have taken advantage of the situation, with recent posts claiming that people in the U.S. can expect the next round of checks soon. A Jan. 28 Facebook video titled “SENDING OUT $2,000 CHECKS FOR EVERYONE! FOURTH STIMULUS CHECK” went viral, amassing more than 20,000 views, USA Today reported. Two different YouTube videos with similar titles posted on Jan. 30 have also racked up a combined total of nearly 40,000 views, claiming that the payments will be deposited on Feb. 9.

Is Congress Talking About A Fourth Stimulus Check

Fourth round of stimulus checks is not dead as Biden

There are no signs that lawmakers in Washington, D.C. are in serious discussions about a fourth direct payment stimulus check. While there have been calls by the public and from some lawmakers for recurring payments, there has been practically nothing in terms of action.

Emails and phone calls to the White House, Sen. Bernie Sanders, I-Vt., who is chair of the Senate Budget Committee, and Rep. John Yarmuth, D-Ky., chair of the House Budget Committee, asking if such payments are under discussion were not returned.

One pandemic-related stimulus that is being considered for an extension is the monthly advance child tax credit. It raised the previous tax credit from $2,000 at tax time to $3,000-$3,600 with the option of monthly payments. A one-year extension is part of the Build Back Better bill that passed the House. But Sen. Joe Manchin, D-W.V., announced Sunday he would not vote for it. With no Republicans on board, passage of the bill is doomed unless an alternative is found.

A group of Democrats sent a letter to Biden in back in May , but the letter did not get into specifics and nothing else came of it.

A change.org petition started by Denver restaurant owner Stephanie Bonin in 2020 called on Congress to pass regular checks of $2,000 for adults and $1,000 for kids for the duration of the pandemic crisis.

As of late December, the petition has reached nearly 3 million signatures.

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Useful Information & Links

Why does Manchin oppose the Build Back Better bill?

– Final monthly CTC payment of 2021 sent out on Wednesday 15 December

Stimulus checks

New parents could see another stimulus check reflected in their tax refund in 2022

What’s the deadline to get your stimulus check plus-up payment in 2021?

Social Security

A historic number of Americans sign up for healthcare

The American Rescue Plan brought down the price of healthcare for many low-income Americans. This year a record breaking, 13.6 million, signed up for healthcare and will not have to pay a premium.

West Virginia asks Joe Manchin to support Build Back Better

After Senator Joe Manchin walked away from the negotiations over the Build Back Better bill, some in his home state, West Virginia, are urging him to return. The Hill argues that Manchin’s move to reject the bill, which would have extended the child tax credit was a mistake. “There are plenty of legislative agendas that demand political chess-play by members of Congress. This was not one of them. The child tax credit should have been extended and the refundability provision made permanent,” wrote Lyndon Haviland.

GOP gift of cancelling child tax credit

Berkeley professor and former Secretary of Labor Robert Reich has tweeted on Christmas Day to remind his followers of the choice Republican lawmakers made on decisions regarding the likes of Medicare and child care.

Medicare: a Biden legacy?

Fourth Stimulus Checks Coming

Weve already noted, in a recent post, whos getting one of these new checks. Giving birth this year is the deciding factor. Parents who welcome a newborn child at any point in 2021 are likely eligible for another stimulus check, for $1,400, in 2022, according to both Fortune and Insider. They would get that check upon filing their federal taxes in 2022.

That money is a little different, though, from what most people think of when they want to know if a fourth stimulus check is possible. Because the $1,400 for new parents this year is not new the $1.9 trillion stimulus law from March already made this possible.

In California, meanwhile, its a somewhat different story. There, some residents are not only about to get a new stimulus check that sequentially counts as #4. But its also newly approved money. Though, again, its only for certain residents of the Golden State.

Also Check: What Days Are Stimulus Checks Deposited

Fourth Stimulus Check 202: $1400 Payment Available At The Start Of 2022

This is another way to receive a cash boost to start the new year

In order to get a $1,400 stimulus check payment in the United States to start the new year, there’s a specific criteria to follow. Do you want kids? Part of the government help will go to either a new dependent or a parent of a child who was born in 2021.

This $1,400 stimulus check is understandably a big deal and we’ll explain below all you need to know in order to work out if you can claim this check in 2022 and how to do so.

Is 4th Stimulus Check Coming Biden Pressured For More Payments

Stimulus Check Update: Is A Fourth Relief Payment In Your Future?

Is a fourth stimulus check coming? Congress members and others are pressuring President Joe Biden for more relief money, possibly in the form of monthly payments.

Most Americans received $1,200 in the first round of stimulus checks in the spring of 2020, plus $500 for each child under the age of 17 to help with the economic impact of the coronavirus pandemic. As Covid-19 raged on, a second round of stimulus checks worth $600 went out in December, and a third round worth $1,400 each plus $1,400 per dependents of all ages started going out last month.

According to AL.com, more than 159 million payments worth a total of $376 billion have gone out since the American Rescue Plan was signed by Biden last month. Most received payments via direct deposit, but paper stimulus checks are still in the process of being sent out by the IRS.

Still, some say those three relief payments are not enough. SILive.com reports nearly 30% of Americans came up short when trying to cover household expenses, according to U.S. Census Bureau data in March 2021.

We need at least one more check, Economic Security Project campaign director Adam Ruben told CNBC.

Last month, a group of 21 Democratic U.S. Senators, including Sen. Kirsten Gillibrand of New York, sent a letter to Biden urging him to institute monthly stimulus payments

Ruben appeared to support Congress proposal, noting that 8 million people fell into poverty between the first stimulus check and the second, roughly eight months later.

Recommended Reading: How To Check For Stimulus

Unemployment Expected To Fall To 3 Percent

The US economy has been going gangbusters, recovering much faster than after the Great Recession. With covid-19 vaccine shots in their arms, Americans began venturing out once again driving up demand and hiring. This led to the most jobs gained on record in one year with the US adding 6.4 million in 2021.

The current unemployment rate of 4 percent though is still above the pre-pandemic level when it was 3.7 percent. And for all the jobs that were added there still remains a nearly similar number of Americans unemployed. However, the St Louis Fed President Jim Bullard predicts that it could , a level that could mean the economy is overheating.

St. Louis Fed President James Bullard sees the U.S. unemployment rate falling below 3% this year, a jobless rate the country last saw in the early 1950s, he told in a conversation on Twitter Spaces 1/3

Reuters Business

Support For A Fourth Stimulus Check

A group of Democratic Senators, including Ron Wyden of Oregon, Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont, sent a letter to President Joe Biden at the end of March requesting recurring direct payments and automatic unemployment insurance extensions tied to economic conditions.

As the Senators reasoned in their letter, this crisis is far from over, and families deserve certainty that they can put food on the table and keep a roof over their heads. Families should not be at the mercy of constantly-shifting legislative timelines and ad hoc solutions.

An earlier letter to President Biden and Vice President Kamala Harris from 53 Representatives, led by Ilhan Omar of Minnesota, carved out a similar position. Recurring direct payments until the economy recovers will help ensure that people can meet their basic needs, provide racially equitable solutions, and shorten the length of the recession.

Additional co-signers included New Yorks Alexandria Ocasio-Cortez and Michigans Rashida Tlaib, two other notable names among House Progressives. The letter didnt place a number on the requested stimulus payments. But a tweet soon after put it at $2,000 per month for the length of the pandemic.

$2,000 monthly payments until the pandemic is over.


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How Likely Is A Fourth Stimulus Check

Don’t hold your breath, according to Wall Street analysts.

For one, the Biden administration has focused on infrastructure spending to spark economic growth, betting that an investment in roads, trains and other direct investments will help get people back to work and spur the ongoing recovery.

Secondly, economists have pointed fingers at relief efforts such as the three rounds of stimulus checks for contributing to inflation. Because Americans had cash in their pockets, they boosted spending on goods such as furniture, cars and electronics. Combine that with the supply-chain crunch, and the result was sharply higher inflation, according to economists.

Without new stimulus efforts on the horizon, it’s likely that inflation could moderate in 2022, according to Brad McMillan, the chief investment officer at Commonwealth Financial Network. “One cause of inflation has been an explosion of demand driven by federal stimulus,” he noted in a December report. “But that stimulus has now ended.”

He added, “Yes, we will continue to face inflation and supply problems, but they are moderating and will keep doing so.”

Fourth Stimulus Check: Who Is Asking For Another Round Of Payments Why They Are Asking And How Likely Is It To Happen

4th stimulus check? How you could receive another round of ...

It’s unlikely that a fourth stimulus is in the near future, but there are several groups who believe it is necessary.

While it doesnt appear that a fourth stimulus payment will be in the works anytime soon, there has been, at least, a bit of buzz about the need for another round of payments as Americans struggle to recover amid the COVID-19 pandemic.

And CBS News took a stab at explaining just who and what is behind the push for a fourth stimulus check this week.

And it checks just about all the boxes you might expect.

First, the report breaks down money already paid out through the first three stimulus payments which should come out to $3,200 for 169 million or so Americans. But, CBS points out that money has already been spent and millions of Americans remain in financial distress, and the spread of the Omicron variant is creating new economic headwinds. The report cites Decembers Census survey which reportedly said that a quarter of Americans struggled to pay their household expenses in the previous week. And while the economy has seen gains, CBS also points out that the employment rate 4.2 percent is still above the 3.5-percent that it was at pre-pandemic. It said that number equates to around 2.3-million fewer folks who are working today than prior to the pandemic.

Also Check: Do I Get A Stimulus Check 2021

Will Every State Be Giving These Checks

Every State will be receiving a Federal budget to administrate these funds, but it will solely depend on each State’s Administration to decide how to spend these funds and which different benefits will be part of this plan.

Although most states are likely to follow through on this initiative, the format in which it will be distributed will vary between each one, therefore it is important to check on your local authorities’ official websites to find out exactly what is needed to receive this payment.

The Irs Just Warned That No Such Payment Is In The Works

But none of the viral videos provided any proof of an upcoming payment, according to USA Today. This is because there is no fourth stimulus check currently on the way, the IRS confirmed to the news outlet. Eric Smith, a spokesperson for the agency, warned taxpayers against falling for these types of viral posts, as he said that another stimulus check has not yet been approved.

And that’s not likely to change in the near future. Even amid Omicron’s surge, financial experts say they are not expecting a fourth stimulus check for individuals in the coming months. Ed Mills, a Washington policy analyst at Raymond James, told CNBC that there have been recent legislative conversations about potential aid for small businesses, restaurants, gyms, and performance venues that have been hard hit by the newest COVID wave, but nothing beyond that. “The conversation has not yet been extended to assistance to individuals,” Mills said.

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Surprise ‘$8000 Stimulus’ Checks To Be Sent Out After 2021 Deadline Passed

Stephanie Bonin, a restaurant owner from Colorado, created a petition in 2020 calling for Congress to introduce recurring $2,000 checks for families and a $1,000 payment for kids.

Two stimulus packages worth $1200 and $600 were signed into law by former President Donald Trump before he left office.

Read our stimulus checks live blog for the latest updates on Covid-19 relief…

And, checks worth up to $1400 were deposited into bank accounts from March 2021.

Despite the calls for extra cash, the White House has, so far, refused to introduce another round of stimulus payments.

Financial assistance is being provided to Americans living in several states across the country, including California, Maine, and .

Thousands of Californians will receive payments worth up to $1100 in the coming weeks as part of Governor Gavin Newsoms Golden State Stimulus II initiative.

Residents who live in an area with a zip code ending in 928-999 will have their stimulus check mailed up until January 11.

Americans should receive their check no later than February 1.

Paper checks can take up to three weeks to arrive after they have been posted.

Californians were required to file their tax returns by October 15 if they wanted to pocket a state stimulus check.

Recipients mustve lived in the Golden State for half of the 2020 tax year and be a resident on the date that the payment is issued.

Residents in Maine started receiving stimulus payments on November 15.

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