Stimulus Check Update: $2000 Check Now Possible
Stimulus Check Petition Hits New Milestone: Ever since last years American Rescue Plan Act put into place a new, one-time $1,400 stimulus check for most Americans, many people have been calling for more of them. After all, the idea of the checks in 2020 and 2021 was to help people during the pandemic, and nearly two years in, the pandemic isnt yet over.
A Colorado restaurant owner launched a petition, in the early days of the pandemic, for Congress to pass more stimulus, in the form of $2,000 checks.
Im calling on Congress to support families with a $2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis, the petition stated.
According to CNBC, the change.org petition has now reached 3 million signatures.
Is a $2,000 Stimulus Check really Possible?
However, despite the petition and some calls for more stimulus from members of Congress, its extremely unlikely that anything like that will pass anytime soon.
Furthermore, there are structural reasons why no such checks have been proposed. Despite the continuing pandemic, the U.S. is not in nearly the economic emergency it was when the stimulus legislation passed previously. Also, the current high-inflation environment would also likely preclude the passage of more legislation that put billions or trillions of dollars back in the economy.
Stimulus Check for Restaurants?
Third Stimulus Check: Updated Timeline For $1400 Payments
WASHINGTON After more than two months of anxious waiting by millions of Americans, President Joe Biden has signed into law a $1.9 trillion COVID relief plan which includes $1,400 direct payment stimulus checks.
Congress gave final approval on the American Rescue Plan on Wednesday and it then headed to Biden for his signature.
Biden initially planned to sign the bill on Friday afternoon, but White House Chief of Staff Ron Klain tweeted Thursday that the bill arrived quicker than anticipated, so they decided to sign it a day earlier.
Minutes after Biden signed the bill into law, the White House provided a big update to the timeline for when the third round of stimulus checks will start going out.
Stimulus Check Update: Sen Ed Markey Pushing For $2000 Monthly Payments Through The Duration Of Covid
Sen. Ed Markey.
After President-elect Joe Biden announced plans to increase the second round of direct payments to millions of Americans from $600 to an additional $1,400, Massachusetts Sen. Ed Markey is calling for more.
The $1,400 in direct cash assistance is a down payment that will help families make rent, put food on the table, and pay the utility bills after Senate Republicans blocked that additional funding back in December, Markey said in a statement Friday. But we must still pass my legislation with Senator Bernie Sanders to provide $2,000 monthly payments to working people through the duration of the pandemic.
In May, Markey, Sanders and now-Vice President-elect Kamala Harris introduced a bill titled the Monthly Economic Crisis Support Act to provide monthly checks to most Americans.
Individuals with incomes up to $100,000 would receive $2,000 a month. Those who file as head of household are eligible with annual incomes of up to $150,000.
For families with children, they would receive $2,000 per child for up to three children.
Biden unveiled plans for a $1.9 trillion coronavirus stimulus this week. Named the American Rescue Plan, the federal effort would include $1,400 for millions of Americans, extend the federal boost in unemployment benefits past the March expiration date, extend federal moratoriums on foreclosures and evictions through September and raise the federal minimum wage to $15 an hour.
Also Check: Where Is Stimulus Money Going
Reasons To Be Pessimistic
The US government have pointed to other forms of financial aid that they plan to provide post-stimulus checks, with the Child Tax Credit raise and the American Families Plan.
In addition, the US economy is already beginning to show signs of recovery and therefore some inside government may be in favour of more offering out more financial aid in the form of a fourth stimulus check.
Although it is possible that a fourth stimulus check may not arrive, Joe Biden’s government could still be forced into some changes. For example, they may take the decision to make the Child Tax Credit raise a permanent measure, they could raise the minimum wage, and they might renew federal unemployment benefits beyond 2021.
Fourth Stimulus Checks Unlikely
Like student loan cancellation, its tough for Biden and Congress to support another round of stimulus checks while also stating that the economy is improving. This is one reason why Biden could extend student loan relief beyond September 30, but there is still one major dilemma that needs to be addressed. This doesnt mean millions of Americans arent struggling financially from the Covid-19 pandemic they are. However, strong job numbers, low unemployment, and high vacination rates all point to a rebounding economy. The first three stimulus checks were made available to certain Americans who were struggling financially. However, they were limited in scope based on income and other requirements. In contrast, the leading petition calls for $2,000 a month stimulus checks for all Americans, with no apparent income limits. Congress or the president is unlikely to support another stimulus check, whether one-time or monthly. Further, Congress and the president likely wouldnt support giving a stimulus check to every American, without at least some income limitations. That said, while most petitions typically dont sway Congress, a collective campaign with enough signatures could pressure at least some members of Congress. With millions of Americans calling for more financial relief, will Congress listen?
Also Check: Are Americans Getting Another Stimulus Check
Fourth Stimulus Check: $2000 A Month Stimulus Checks
Congress provided three stimulus checks to qualifying Americans in response to the Covid-19 pandemic. Like the previous three stimulus checks, a fourth stimulus check would come from Congress. While Democrats control Congress, there has been no serious effort to date to pass legislation that would provide $2,000 a month stimulus checks or even a fourth stimulus check. While the previous three stimulus checks were one-time stimulus checks, this petition calls for monthly stimulus checks. What is the rationale for recurring stimulus checks? Supporters say that a single stimulus check is insufficient to help Americans who are struggling financially due to the ongoing Covid-19 pandemic. This includes those who, like Bonin, work in the restaurant sector. Last year, Rep. Ilhan Omar and 55 Democrats sent a letter to President Joe Biden to support recurring stimulus checks. However, Biden doesnt support a fourth stimulus check or recurring stimulus checks. Currently, Biden is focused on Congress passing his legislative agenda, the Build Back Better plan, which doesnt include any stimulus checks.
Who Gets $1400 Stimulus Checks
The House and Senate versions of the bill agreed that individual tax filers making up to $75,000 per year will get $1,400. Couples, who file jointly, making up to $150,000 will get $2,800. There will also be $1,400 tacked on for each dependent in the household.
Where they differed was how quickly the stimulus money would be phased out to zero. The original House bill passed on Feb. 27 called for the phase out to be complete at $100,000 for individuals and $200,000 for couples. But the Senate version passed on March 6 lowered it to $80,000 and $160,000, respectively. That Senate version is what the House passed on Wednesday.
Roughly 8 million fewer households will get a check under the Senate bill compared with what the House passed, according to an analysis from the Tax Policy Center.
RELATED: Biden won’t be putting his name on stimulus checks, White House says
Don’t Miss: Where To Cash Stimulus Check
Hanie Bonin Spoke About The Benefits Of Stimulus Checks
Our country is still deeply struggling, Bonin wrote on the Change.org petition for stimulus checks. The recovery hasnt reached many Americans, the true unemployment rate for low-wage workers is estimated at over 20% and many people face large debts from last year for things like utilities, rent, and child care. These are all reasons that checks need to be targeted to people who are still struggling and that Congress needs to learn from this past year. It took nine months for Congress to send a second check, and just moments to spend it. Moving forward Congress needs to make recurring checks automatic if certain triggers are met.
Congress provided 3 checks to the Americans in response to the Covid-19 pandemic. Like the previous 3 stimulus checks, a fourth check would come from Congress.
While Democrats control Congress, there has been no serious effort to date to pass legislation that would provide $2,000 a month checks or even a fourth stimulus check. While the previous three checks were one-time stimulus checks, this petition calls for monthly checks.
Last year, Rep. Ilhan Omar and other 55 Democrats sent a letter to President Joe Biden to support recurring stimulus checks. However, President Biden doesnt support a fourth stimulus check or recurring checks. Currently, Biden is focused on Congress passing his legislative agenda, the Build Back Better plan, which doesnt include any stimulus checks.
Fourth Stimulus Check Update: $2000 Monthly Payment Petition Adds 1m Signatures In 2021
A petition for $2,000 monthly stimulus checks failed to reach its goal in 2021, but it added about 1.25 million signatures in the second year of the pandemic.
Stephanie Bonin, a Denver restaurant owner, started the petition in March 2020 when businesses shut down to slow the spread of COVID-19. As the pandemic dragged on, her petition gained traction and more than 2.9 million people supported Congress sending out recurring monthly payments to provide financial assistance to Americans.
Bonin’s petition called for $2,000 monthly payments for adults and $1,000 monthly payments for children. She argued that recurring payments would help Americans until they could get back on their feet and save communities from financial ruin.
The Denver restaurant owner has kept signatories abreast of the situation over the past two years, noting that it took Congress nine months to send out the second stimulus check while people only needed “moments to spend it.” She advocated for Congress passing legislation that would put in place triggers to automatically send payments out if America faced certain economic conditions.
Adam Ruben, director of the Economic Security Project, previously told Newsweek that he spoke with the White House and members of the Senate Finance Committee in May about automatic stabilizers. The stabilizers, which could be pegged to unemployment levels, would trigger the issuance of stimulus checks and expanded unemployment payments.
Read Also: Is There A Third Stimulus Check Coming
Biden Has Teed Up A Third Stimulus Check And New Bill
Many in Washington see the current $900 billion stimulus bill as a precursor to a larger relief package in 2021 that would expand and include provisions that Republicans and Democrats agreed to leave out this round to pass the critical deal.
“This bill is just the first step, a down payment, in addressing the crisis — crises, more than one — that we’re in,” Biden said on Dec. 22, emphasizing that he’d like to see a third stimulus check. Again, whether there’ll be a larger bill or a smaller one, and if it happens quickly or slowly, could hinge on the outcome of Georgia’s Senate runoff.
Will You Get A Fourth Stimulus Check
If youre hoping for a fourth stimulus check, its very unlikely. Similar to student loan cancellation, its challenging for Biden to support more stimulus check and also argue that the economy is recovering. While the Covid-19 pandemic is ongoing, the high vaccination rates, stock market recovery and employment statistics have improved over the past year. That said, there are still millions of Americans who are struggling financially as a result of the Covid-19 pandemic. This includes student loan borrowers who recently got more student loan relief, which is one reason that Biden extended student loan relief for 90 more days. . However, it also includes renters who no longer may have access to federal rent assistance. .
The first three stimulus check were limited based on income and other requirements, so they werent universally provided to all Americans. Congress is unlikely to support a fourth stimulus check, let alone a recurring $2,000 a month stimulus check. Biden didnt support $2,000 a month stimulus checks during his presidential campaign and is unlikely to support recurring stimulus checks now. That said, Vice President Kamala Harris has previously supported $2,000 a month stimulus checks for the duration of the pandemic. .
The petition has a goal of 4.5 million signatures. Despite the momentum, Congress or the president doesnt appear ready to issue a fourth stimulus check, whether one-time or monthly.
Recommended Reading: Will My Stimulus Check Be Mailed
Biden Appears Willing To Go Big The Question Is How Big
The initial proposal Biden has put forward is big. For some perspective, after the 2009 Great Recession, Democrats passed a stimulus bill that was about half the size Biden is pushing for now. He says this is the start and that a second proposal that addresses issues such as infrastructure and climate is on the way. And Biden appears to have gotten religion on the deficit, or rather, not worrying about it so much for now, in a moment of crisis.
Its not just that smart fiscal investments, including deficit spending, are more urgent than ever. Its that the return on these investments in jobs, in racial equity will prevent long-term economic damage and the benefits will far surpass the costs, he said on Thursday. A growing chorus of top economists agree that, in this moment of crisis, with interest rates at historic lows, we cannot afford inaction.
Still, fracture lines emerging over the stimulus checks and other details of the bill evidence that there is going to be quite a bit of debate among Democrats and on the left about just how ambitious to be. Ocasio-Cortez is hardly the only figure who wants Biden to go further.
Its not yet clear how many lawmakers will join Ocasio-Cortez in calling for bigger stimulus checks, but a larger push is possible.
Why Didn’t The December Bill Include A $1200 Or $2000 Second Stimulus Check
A second stimulus check has had wide bipartisan support ever since the CARES Act passed. Over the last several months, everyone from Trump and Biden to members of Congress, economists and everyday people have advocated for another direct payment.
Trump has previously “more money than they’re talking about” in stimulus checks, as large as $1,200 or $2,000 per person. Aides reportedly convinced him at the time that making such demands would jeopardize a stimulus bill, The Washington Post reported, and the White House offer was officially extended at $600 tops.
Though many favor a $1,200 direct payment in theory, a second, smaller stimulus check has helped keep costs below the $1 trillion cutoff that Republican lawmakers have in the past said they’d support.
Stimulus checks aren’t cheap. The IRS said this summer that it had spent $270 billion sending out 160 million checks, and on Dec. 15, Sen. Mitt Romney, a Republican involved in crafting the bipartisan stimulus proposal, forecast a cost of $300 billion if the checks were once again included for $1,200 per person. Republicans reportedly bridled at the cost.
Don’t Miss: What Does The Stimulus Debit Card Look Like
When Will The Third Stimulus Check Be Sent
The goal of Democrats was to pass the bill by this Sunday, March 14. That’s when extra unemployment assistance and other pandemic aid expires.
With Biden signing the plan on Thursday, Democrats have met that goal.
White House Press Secretary Jen Psaki announced shortly after Biden signed the bill that the IRS and Treasury Department are working hard to get payments out. She said some people will see direct deposits hit their bank accounts as early as this weekend.
“This is of course just the first wave, but some people in he country will start seeing those direct deposits in their bank accounts this weekend and payments to eligible Americans will continue throughout the course of the next several weeks,” Psaki explained.
The IRS said Friday the payments were already being processed and concurred that direct deposits would start arriving this weekend.
During the first round of stimulus checks in April 2020, it took about two weeks for the federal government to start distributing the money. It took around one week for the second round of checks, worth $600, in early January partly because the infrastructure from the first stimulus was in place.
One factor that could complicate things is that this is also tax season. The IRS will be trying to send out stimulus checks while also processing incoming tax returns and calculating refunds.
Other Federal Assistance Possible
Since crossing the two million signatures milestone in May the petition is nearing its goal of three million which would make it one of the top Change.org campaigns. However, despite many American families still struggling in the aftermath of the covid-19 pandemic, which still continues, no new large scale federal stimulus checks appear to be coming.
If Democrats can get Bidens agenda over the finish line, households with children could expect more limited financial help. An extension of the enhanced Child Tax Credit for 2021 is included in the Build Back Better bill taking shape in the House. Originally Biden had called for the program, including the advance payments on the tax provision, to be continued through 2025. Although Democrats are not giving into Senator Joe Manchins demands that the credit be limited to those families earning less than $60,000 nor a work requirement, there is talk of shortening how long the measure is extended.
Recommended Reading: My Stimulus Check Went To The Wrong Bank Account
Fourth Stimulus Check Update: $2000 Monthly Payment Petition Hits 3 Million Signature Goal
A petition for monthly $2,000 stimulus checks is now one of the most signed petitions on Change.org, but it’s unlikely to sway legislators on the issue.
Stephanie Bonin, a Denver restaurant owner, created the petition in 2020 as the pandemic began and businesses had to close their doors. The petition called for $2,000 monthly payments for adults and $1,000 payments for children to help provide stability to families during the pandemic and on Friday, it reached its goal of 3 million signatures.
People from every state have signed the petition and while it’s one of the most signed petitions on Change.org, 3 million signatures is only a fragment of America’s total population. More than 258 million adults live in the United States, according to the Census Bureau, and nearly 67 percent of those adults voted in the 2020 election.
So, 3 million signatures is only representative of about 1 percent of America’s voting populationa drop in the bucket to legislators, especially when Democrats are already fighting to get other legislation passed.
Democrats are focused on getting the Build Back Better Act, a social spending package, passed and the White House has already said it will be a priority when legislators return in 2022. While most of the caucus is on board, Senator Joe Manchin has said he’ll vote no on the current bill and Senators Kyrsten Sinema and haven’t committed to voting yes, either.