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Thursday, October 28, 2021

A Fourth Stimulus Check: How Close Are We To An Additional Stimulus In 2021?

More than 169M stimulus checks have gone out to families and individuals since the IRS’s first batch of the third stimulus check was sent out. These direct payments are part of the American Rescue Plan that was signed by President Biden in March. But many lawmakers and common citizens believe that the third stimulus check is not sufficient to tide over the aftereffects of the pandemic.

A group of influential Democratic lawmakers have pushed for the fourth round of stimulus checks and have requested recurring checks till there is an economic turnaround. Eligible people have received a total of around $3,200 for the three stimulus checks that were handed out since the spring of 2020.

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The latest round of stimulus payments has brought in $1,400 for each individual under the Economic Impact Payment. The net has also been widened to include dependents and children up to the age of 17. The stimulus check or the Economic Impact Payment is one of the many measures announced by President Biden.

While the families have benefitted from the timely payments, they continue to be in distress as the economic turnaround has not materialized as yet. Close to 6% of the American population continues to remain unemployed. And with a mountain of bills pending, most American families are having to worry about placing food on their tables.

The Latest Round Of Stimulus Check For Children And Their Families

The child tax credit advance payments are set to start on July 15. Families with children are in for a pleasant surprise as they will get a check of up to $300 every month between July and December 2021.

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This amount is only half of the total amount that will be paid under this scheme. 50% of the expanded CTC payment will be paid as a refund against the 2021 income tax returns.

There are other forms of assistance for the jobless going out to 14.6 million Americans. But most Americans continue to be in desperate need of a 4th stimulus check.

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