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Saturday, September 24, 2022

A Fourth Stimulus Check: The Push Behind This Check

The IRS has sent more than 170 million payments in the third round of stimulus check and more than 2 million Americans had received the $1,400 checks in July. Some lawmakers are pushing for a fourth round of the stimulus check that would send recurring payments to the citizens till the end of this pandemic.

The federal response to the economic crisis caused by the coronavirus pandemic has paid out $3,200 to eligible adults: $1,200 under the Coronavirus Aid Relief and Economic Security Act in March 2020; $600 in a December relief measure; and $1,400 under the American Rescue Plan signed in March by President Joe Biden. 

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Even though they were sent assistance, millions of Americans are still in financial distress and the spread of the new variant has created new economic issues.

Almost one-quarter of Americans struggled to pay their household expenses in the last week. The unemployment rate is still at 5.2% and is higher than the pre-pandemic levels.

9.1 million people had lost their enhanced unemployment benefits on Labor Day which is when the federal benefits expired. This wiped out about $5 billion in weekly benefits that had been flowing to unemployed workers. An aid that had supported those workers in paying for groceries, rent, and other essentials. 

Stimulus Check: The Other Benefits That Are Available

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The latest round of $1,400 stimulus check is long gone and so are the other benefits. This is an issue that is on the mind of several Americans who are crippled with joblessness and a weak labor market. Around 2.8 million people had signed a petition on Change.org to pass legislation for recurring $2k monthly payments.

Some states have created their own form of stimulus check. California has started to send out a “Golden State Stimulus”. This will provide $600 for low- and middle-income residents who have filed their 2020 tax returns. Florida and parts of Texas have authorized bonuses for teachers to help offset the impact of the pandemic.

Some families received another form of stimulus check on the 15th of July when the IRS deposited the first of six monthly cash payments into bank accounts of parents who qualify for the Child Tax Credit (CTC). Families on average received $423 in their first CTC payment. Eligible families will receive up to $1,800 in cash through December, with the money parceled out in equal installments over the six months from July through December. The aid is due to the expanded CTC, which is part of President Joe Biden’s American Rescue Plan. 

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