The Omicron Variant Didnt Slow Down Job Gains
Unlike last year though, when the Omicron variant pushed new infections to levels much higher than at any time during the pandemic, the US recorded significant job gains. Data collected in the middle of the surge reported 467,000 new hires, over three times what analysts had expected. Additionally, there are more job openings than there are workers available to take them pushing up wages as businesses try to attract employees.
On the other hand, 6 million people, nearly twice as many as in December, could not work or lost hours over the previous month due to the pandemic disrupting normal business at their place of employment. The incredibly fast rise in infections from the highly contagious Omicron variant fortunately appears to have reversed just as quickly.
Fourth Stimulus Check: Are More Payments Coming
A fourth stimulus check from the government could take one of two forms: monthly checks in fairly small amounts, or one-time payments of up to $2,000.
Both options have been put forward by legislators in Congress as follow-ups to the third round of pandemic relief payments, which were made possible by the American Rescue Plan Act of March 2021.
The federal moratorium on evictions ended Aug. 26 with a Supreme Court ruling, and millions now face losing their homes. Inflation, however, appears to be on the rise, contributing to fears among economists and lawmakers that further stimulus payments could only fuel more price hikes.
As a result, there’s no legislation in Congress that’s likely to pass that would create a fourth round of stimulus payments, even though some Democratic lawmakers have called on President Joe Biden to consider recurring payments.
The White House has passed back the buck, stating that the president would consider whatever Congress comes up with.
At the end of July, Rep. Ilhan Omar , introduced a bill that would send $1,200 to each American making less than $75,000 per year, forever. But it has not moved forward in the House of Representatives and has little chance of passing.
Fourth Stimulus Check Up To $5000 Is Coming But Theres A Big Catch
Next week, the IRS is sending out a new stimulus check as part of a six-check string of payments. Its the latest child tax credit payment, and its going out to millions of Americans at a time when various states around the US are also sending out new stimulus check payments of their own. Such as in one particular state, where a fourth stimulus check for as much as $5,000 is on its way to a few lucky recipients.
New York City has decided to use its $6 billion in COVID-19 federal aid money to offer financial assistance to several different groups. As laid out in the citys spending plan for its emergency money, the city is steering the financial aid to artists, taxi drivers, and the homeless. In addition to channeling more money in support of ongoing COVID vaccination efforts.
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Are 4th Stimulus Checks Really Happening
They arebut theyre not coming from the federal government like the last three stimulus checks did. This time, it all depends on what state you live in. Thats right, these fourth stimulus checks are being given out to some folks at the state and city levels now.
Back when the American Rescue Plan rolled out, all 50 states as a whole were given $195 billion to help fund their own economic recovery closer to home.1 Thats a lot of dough. But heres the catchthey dont have forever to spend that money. The states have to figure out what to spend the money on by the end of 2024, and then they have until the end of 2026 to use up all that cash.2 Those deadlines might sound super far away, but the clock is ticking here.
Why A Fourth Stimulus Check Unlikely
All of this voiced support keeps alive the possibility of another round of stimulus checks or recurring stimulus checks. It doesnt make either of them likely, however. And there are a many reasons why.
Vaccinations are progressing steadily. Adults and those at least 16 years old are now eligible to be inoculated in all 50 states. Some places allow vaccinations for those as young as 12. Three different options are available to the public since Aprils pause on the Johnson & Johnson vaccine was lifted. Actually putting needles in arms still takes time, even with supply caught up to demand. Americans have received over 297 million doses, with 50.9 percent of the population having received at least one dose and 41.2 percent completely vaccinated. Vaccination numbers continue to increase at a rate of about one million doses per day. The Centers for Disease Control and Prevention recently advised that the fully vaccinated can forgo masks and social distancing in most indoor and outdoor settings.
In Nersisyans view, lets see if people still need more assistance. Lets see how the economys doing as things keep opening up and the vaccination rates go up and things go back to some sense of normal. And lets see where the unemployment numbers are. Are people still running behind on their rents and mortgages and so on? And based on that, lets decide whether we need to inject more spending into the economy. I would say wait and see right now.
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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.”
Child Tax Credit Survey
Wednesday, meanwhile, marked the distribution of the final child tax credit payment. The IRS has said that Congress needs to pass President Bidens $1.9 trillion spending plan thats currently languishing in the Senate by the end of this month in order for the tax agency to have time to get set up for more child tax credit checks come January 15.
Along these lines, ParentsTogether, a national parents advocacy group with more than 2 million members nationwide, has released the results of a new survey of parents. Its findings, among other things:
- When asked what would happen to their familys finances if the child tax credit payments stopped after this month? 50% of respondents said it will be more difficult for them to meet their familys basic needs. And 36% said they will no longer be able to meet their familys basic needs.
- 1 in 3 respondents said if the child tax credit checks stop, they wont be able to afford enough food.
- 76% of respondents said the monthly checks have made them less anxious about their finances.
- 81% of respondents said its extremely important for their families that the checks continue past this year. Thats up from 73% in September.
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Fourth Stimulus Check Amount
The fourth stimulus check amount depends on several factors. If passed, it would probably look similar to the previous checks, although that’s not guaranteed.
For reference, the first stimulus check amounted to as much as $1,200, while the second stimulus check brought $600 to eligible Americans. The third stimulus check, which the IRS is still in the process of distributing, is worth up to $1,400 per person, although the eligibility requirements are narrower.
All three checks gave the full amounts to taxpayers who made up to $75,000 a year, according to their most recent tax returns. Couples filing jointly got the full payment if they had a joint total income of $150,000 or less.
With the first two checks, those making up to $99,000 alone or $198,000 as a couple received prorated payments. With the third check, individuals who earned more than $80,000 per year or $160,000 per year as joint filers got nothing. Our guide to the stimulus check calculator can show you what your own eligibility looks like.
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Stimulus Aid That’s Received The Ok
Child tax credit payments for families: A temporary expansion of the child tax credit for 2021 sends qualifying families up to $3,600 for each child — you can calculate your total here. The advance partial payments of up to $300 per dependent, which began this summer, are issued monthly through the end of the year, with a final payment in 2022.
Parents also have the option of deferring the advance monthly checks and instead get their payment in the spring. There is no cap on the total credit amount that a family with multiple children can claim. If the credit is more than what’s owed in taxes, families will receive the excess amount as a tax refund next year. Plus, low-income families can qualify for the maximum credit. Here’s more on child tax credit payment dates and eligibility.
Additional federal stimulus money: The third stimulus payments of up to $1,400 are still going out in batches to those who are eligible through the end of 2021. The IRS is also sending out “plus-up” payments, which is extra money making up the difference between the stimulus amount you already received and the amount you’re eligible to receive .
Also, if an individual in your family becomes a dependent in 2021, such as a newborn or foster child, they could also be eligible for a $1,400 payment. According to the tax agency, for any new qualifying dependents to receive the third payment you’d have to claim a Recovery Rebate Credit on your 2021 tax return that you’ll file in 2022.
Is A Fourth Stimulus Check Arriving In 2022
FILE – This May 8, 2008, file photo shows blank checks on an idle press at the Philadelphia Regional Financial Center, which disburses payments on behalf of federal agencies in Philadelphia. AP
As of right now, there are no plans for a fourth stimulus check in 2022. That doesnt mean efforts for additional financial assistance amid the coronavirus pandemic are done.
A petition for U.S. adults and $1,000 for children has been signed by 2.97 million people. If it reaches 3 million signatures, the petition will become one of Change.orgs most-signed petitions.
And while that petition has garnered millions of signatures and widespread attention, it appears unlikely it will move Congress to act. Instead, efforts are underway to extend the expanded Child Tax Credit, a measure passed during Marchs American Rescue Plan. The child tax pays parents up to $300 a month for children ages 5 and younger and $250 per child age 6-17. The remainder of the money up to $1,800 can be claimed when filing 2021 taxes in 2022.
The payments started in July and are set to end in December unless extended by Congress.
The $2.2 trillion Build Back Better bill, passed by the House on Nov. 19 and currently before the U. S. Senate would extend the monthly payments through 2022, short of President Joe Bidens proposal to stretch them into 2025.
That measure faces an uphill battle.
Who will receive stimulus funds in 2022?
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As Of Now A Fourth Stimulus Check Is Unlikely
Recently, calls have circulated online for a fourth stimulus check to be approved, with many saying that although the payments have stopped, the pandemic clearly hasnt.
Over three million people have signed a Change.org petition calling for recurring $2,000 payments for adults and $1,000 payments for children until the pandemic ends.
But no such payment has yet been approved, IRS spokesperson Eric Smith told USA TODAY.
This isnt the first time people have posted misinformation about fourth stimulus checks. Similar posts also circulated in May and of 2021.
Analysts have their doubts about whether a fourth stimulus check is likely to be approved.
CBS News wrote on Jan. 31 that the Biden administrations focus on infrastructure to spur economic growth combined with criticisms that the previous stimulus contributed to ongoing inflation have lowered the odds of another cash infusion.
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.
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.
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During The Trump Administration There Were Two Stimulus Checks That Were Authorized On A Bipartisan Basis
Fourth stimulus check update 2022fourth stimulus check update today 2022. The fourth stimulus package update will probably be between 1.5 trillion and 2 trillion dollars and president biden has confirmed there will be another stimulus package after this. More third stimulus payment money for some in 2022 parents who added a child in 2021 could be getting up to $1,400 after they file their 2021 taxes this coming spring thanks to the american rescue plan.
If You Received Less Than The Full $1400 Amount For The Third Stimulus Payment And Your Income Decreased In 2021 From 2020 You May Be Able To Get More Through The Recovery Rebate Credit
Stimulus checks serve the purpose of helping those in need stimulate the economy during a financial downturn. The last time the house approved a stimulus bill and the. Some americans will be eligible for another $1,400 payment regardless of whether congress passes another round of checks.
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Th Stimulus Check 2022 When Is It Coming
4Th Stimulus Check 2022 When Is It Coming. During the pandemic the federal government provided. Stimulus package update , fourth stimulus check update today 2022, daily news update, and irs tax refund 2022 update.
If you received less than the full $1,400 amount for the third stimulus payment and your income decreased in 2021 from 2020 you may be able to get more through the recovery rebate credit. Moreover, a part of this financial aid will go to either a new dependent or a parent of a child who was born in 2021. By madz dizon jan 13, 2022 09:14 pm est.
If you received less than the full $1,400 amount for the third stimulus payment and your income decreased in 2021 from 2020 you may be able to get more through the recovery rebate credit. During the pandemic the federal government provided.
Source: globalnews24h.comSource: theglobalcoverage.com
The last time the house approved a stimulus bill and the. By florida digital news on feb 2, 2022.
What Other Aid Is Out There
While a fourth stimulus check is improbable, more direct payments to Americans have already been signed into law. Up until Labor Day, the jobless received extended unemployment benefits. The American Rescue Plan also includes an advance Child Tax Credit.
Under the revised Child Tax Credit, the Internal Revenue Service is paying out $3,600 per year for each child up to five years old and $3,000 per year for each child ages six through 17. Monthly payments of up to $300 per child started July 15 and will continue through December of 2021. The remainder is to be issued when the recipient files their 2021 taxes. The benefit does not depend on the recipients current tax burden. In other words, qualifying families will receive the full amount, regardless of how much or little they owe in taxes. Payments start to phase out beyond a $75,000 annual income for individuals and beyond $150,000 for married couples. The more generous credit will apply only for 2021, though Biden has stated his interest in extending it through 2025.
Additional money in peoples pockets from any bill or proposed plan is still hypothetical, of course. Nothing has found its way through Congress yet. And it could be months until it does.
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