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.
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.”
Some States Have Taken Matters Into Their Own Hands
Depending on where you live, you might be eligible for stimulus money in 2022 in one form or another no matter what the federal government does and thats bad news for people in non-stimulus states who were hoping for a fourth federal package.
Some states are forming their own stimulus money, making it even more unlikely that the federal government will create more stimulus checks, Anthony Martin, CEO and founder of Choice Mutual.
Many states including California, Georgia, Connecticut, Florida, New York and Tennessee did, indeed, deliver supplemental stimulus payments. Some of those states might continue those programs into the new year but theyre not the same everywhere you go. Some took the form of nearly universal checks, others were specific to certain occupations like teachers or first responders, while others were reserved for students or administered through an expansion of programs like SNAP.
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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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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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Fourth Stimulus Check Update: Heres Who Will Get Some Funds This Year
A blanket stimulus check is not happening in 2022, or at the very least, has slim chances of happening, but a few people will still benefit from 2021 programs and be able to collect some funds this year.
While funds that were supposed to come in 2022 initially had hopefully included another year of Expanded Child Tax Credit payments, those have been suspended, at least for now, pending if the Senate can eventually pass President Bidens Build Back Better plan. While a new round of those payments isnt coming, some money will still come to parents through the previous legislation.
Those who qualified for the Tax Credits in 2021 but did not receive them because they hadnt filed a tax return or for some other reason are now owed both portions of the credit, which is a maximum of $3,600 per qualifying child. Depending on how many eligible children those qualified residents have, they could be seeing a massive amount of money coming their way from the Internal Revenue Service.
In addition, those who did receive the first half of the payments will receive the second half when they file their 2021 taxes this yearwhich would equal $1,800 per qualifying child. Unlike the earlier credits, which came in the form of monthly installments, this would come as a lump sum as part of a tax return.
However, despite overwhelming popular support, the potential of another blanket stimulus check remains unlikely.
Representation. A COVID-19 stimulus check.Photo: Pixabay
What If I Havent Gotten My Stimulus Check Yet
First, head over to the governments Get My Payment site to check in on your payment status. If it shows the stimulus check was issued to you, but you havent gotten it yet, you can run a payment trace to track it down. If the check wasnt cashed, the IRS will reverse the payment, and youll be able to claim it on your taxes. You can do this through the Recovery Rebate Credit.
If the check was cashed , youll have to make a claim and go through a whole process to get your stimulus money. That really stinks. Sorry in advance if you fall into that category. But with any luck, they should be able to straighten things out for you.
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Will There Be Another Stimulus Check In 2022
by Maurie Backman | Published on Jan. 14, 2022
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Americans are hoping for one but is it in the cards?
Qualifying For Recovery Rebate Credit
Should you qualify for the Recovery Rebate Credit, you are able to claim the child on your 2021 tax return, which will be completed in 2022.
Those who qualify for an additional payment via the American Rescue Plan will be able to have the credit arrive as part of their 2021 refund.
In order to qualify, dependents must be under 19 at the end of the year unless they are a student, or any age but are permanently disabled. In addition, the dependent must be a child, brother, sister, foster child, stepbrother, stepsister, half-brother or half-sister, or a descendent of any of them.
There are some income requirements that must be met to receive the Recovery Rebate Credit payment, though, as taxpayers can receive the full amount if they have an adjusted gross income under $75,000, or an income of $150,000 and are married and filing jointly.
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Stimulus Check Live Updates: News On 2022 Fourth Stimulus Check Tax Refund Advice
Our Monday January 17 live blog provides updates and information on the financial aid that is set to be distributed across the USA in 2022. Here, we cover the latest news on a Fourth Stimulus Check, Unemployment Benefits, Plus-Up Payments, Child Tax Credit Payments and much more.
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There are fresh calls for a fourth stimulus check to be introduced in the United States, yet with this not seeming likely, there are still various financial support packages on offer through a series of programs. The stimulus checks from the federal government may have ended, yet a number of incentives for financial support are being offered on a state level. Our live blog this Monday, January 17, 2022, outlines our articles and guides on how to claim it. Here, we explain what help has been available since 2021 and what to look out for now in the new year.
The COVID-19 virus, and the measures imposed on the back of it, continues to cause economic issues across the US and the rest of the world, leading governments to offer financial payments that assist individuals and families in difficult times. There are some new stimulus checks, and another Child Tax Credit payment of up to $1,800 to come in April, while we outline below the other benefits, as well as the changes to COLA and Medicare.
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 U.S. economy is still recovering, with slow but steady job growth even as unemployment numbers hold steady and the Delta variant of COVID-19 causes hospitalization rates to soar.
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.
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What Should You Do With Your Third Stimulus Check
Lets be real: Three stimulus checks in a year is not normal. This third payment can go a long way to help you catch up on bills, pay off debt, or build up your savings. And for a lot of folks, those stimulus checks have kept food on the table. In our State of Personal Finance study, we found that 41% of people who got a stimulus check used it to pay for necessities like food and bills.
So, based on your situation, heres where you start:
If youre out of work or missing a paycheck, use this stimulus money to protect your Four Walls:
Focus on the necessities so you can have peace of mind as you keep looking for work or get your income back up. That means if youre working the Baby Steps and youre out of work, pause your plan for now. Pile up cash until you have a steady income again. Then you can attack your debt. Theres nothing like fighting through a financial crisis to light your fire to be debt-free as soon as possible!
On the other hand, if your job is safe and you feel like itll stay that way, use your stimulus money to build momentum on whatever Baby Step youre on. Put your debt snowball into overdrive. Knock out your fully funded emergency fund . Or talk to your investment professional about giving your retirement a big boost !
Stimulus Check Deadline Approaching
So, for that matter, can other agencies within the federal government. In fact, the deadline for one such stimulus check is fast approaching. For state agencies and nonprofits, though individuals cant directly apply for this particular payment.
This one is a $600 check as part of the Farm and Food Worker Relief Grant Program. Per the US Agriculture Department, Entities receiving awards will then distribute relief payments to frontline farmworkers and meatpacking workers who incurred expenses preparing for, preventing exposure to, and responding to the COVID-19 pandemic.
USDA strongly encourages small organizations to partner together or to partner with national organizations in submitting applications to ensure this support has the broadest reach and distribution possible to Americas farm and food workers.
Of the total pot of money, $20 million is also going toward a grant or grants for grocery store workers. And February 8, 2022, is the date that participating agencies need to circle on their calendar.
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Will You Have To Pay Back Money From A Previous Stimulus Check
You might. Heres why: Some people were sent stimulus checks by accident. Whoops! We knowimagine the government making a mistake, right? Heres why you might need to send your money back:
- You make more than the income limit required to receive the stimulus money.
- You were given a check for someone who has died.
- Youre a nonresident alien.
- You dont have a Social Security number.
- Youre claimed as a dependent on someone elses tax return.
If you know one of these applies to you, the IRS expects you to find the error and send the money back to them.12 So go ahead and be honest . You dont want any surprises when you go to file your taxes.
How Have Americans Spent Their Stimulus Checks
There have been threecount themthree wide-reaching stimulus checks from the government since the pandemic hit. And now that a good chunk of time has gone by since they dished out the first one, were starting to see how people spent that money. Our State of Personal Finance study found that of those who got a stimulus check:
- 41% used it to pay for necessities like food and bills
- 38% saved the money
- 11% spent it on things not considered necessities
- 5% invested the money
And on top of that, heres some good news: Data from the Census Bureau shows that food shortages went down by 40% and financial instability shrank by 45% after the last two stimulus checks.24 Thats a big deal. But the question here isif people are in a better spot now, will they be more likely to manage their money to make sure things stay that way?
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Do People Need A Fourth Stimulus Check
According to CNBC, there is a case for a fourth stimulus check that goes beyond the calls from lawmakers. The Economic Security Project, a progressive organization that advocates for guaranteed income no matter what the state of the economy, says there’s a need for more stimulus checks.
We need at least one more check, said Adam Ruben.
Ruben, the campaign director at the Economic Security Project, also said that stimulus checks should be “automatic,” and not stalled as they were last summer when second stimulus check negotiations caused a long gap between the $1,200 and $600 payments.
There are signs of recovery, though. The June jobs report showed a gain of 850,000, which was better than expected, according to The New York Times. That’s the strongest one-month gain since last summer.
Likewise, the Commerce Department said that gross domestic product had grown at an annualized rate of 6.5% for April through June of 2021, surpassing the figure it had reached before the pandemic, the Washington Post reported. However, that was less than the 8% GDP growth some economists had forecast.
Regardless, certain lawmakers are pushing for relief.
This unprecedented moment demands an unprecedented response. People dont only need relief, they need stability, certainty, and predictability and the ABC Act delivers them exactly that,” said Rep. Pramila Jayapal .
However, Senate Minority Leader Mitch McConnell, R-Kentucky, didn’t appear to agree.
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