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Thursday, June 17, 2021

A Fourth Stimulus Check: Are Chances Fading Of Any Federal Initiative In 2021?

Many Americans have held onto hopes that the fourth round of stimulus checks may be in the pipeline. As Americans continue to struggle under crippling debts and lack of jobs across sectors, the economic downturn continues to come down heavily.

Any chances of relief can be expected at present only from alternative sources. Leading Democratic lawmakers and millions of Americans have separately petitioned for continual stimulus support till the economy shows signs of a turnaround. But the White House has chosen to remain silent. Instead, President Biden continues to be preoccupied with the infrastructure plan.

The States Get Into The Act To Provide Stimulus Checks

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The states are not waiting for federal support. They have begun providing stimulus support by taking the initiative. And other states could get into the act; with a little help from President Biden.

Two states, California and Maryland have already got into the act. They have announced their stimulus check for people affected by the pandemic. Maryland has been first off the block. This southeastern state has made payments directly to people who claimed earned credit on state income tax returns for 2019. Families got $500 and individuals, $300.

Passed by Californian lawmakers in February, this program assures payment of $1,200 or $600, based on the financial data of state tax returns of 2020.

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Last week, Governor Gavin Newsom declared a further $100B plan to provide a state stimulus check. This would help around two-third of its residents. Households with income of $75,000 and below would receive either $1,100 or $600.

The bill passed by President Biden also gave local and state government direct aid of $350 billion. These funds could be transferred towards direct payments. Fresh guidelines have indicated that the states had the right to use the funds for a stimulus check. The guidelines specify that people out of jobs and facing housing and food insecurity would be considered eligible for the stimulus support.

People have generally spent their stimulus checks on immediate needs. Other states are yet to announce any direct stimulus check. Around 2.2 million Americans have filed a petition for a fourth stimulus check. Several Democratic lawmakers, including prominent ones like Bernie Sanders and Elizabeth Warren, have made efforts.

There are ways that citizens could also get around the economic downturn through several measures. There has been a fall in insurance rates. It is ideal to look out for fresh deals for insurance costs, including car and home insurance. Home mortgage rates are down, at 3%. Now is the time to refinance and 13M homeowners can benefit from it.

Other options include rolling debts into a single low-interest loan and investing in the stock market in small amounts.

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