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Friday, July 1, 2022

Stimulus Check Update: Status Of The Fourth One

When the American Rescue Plan Act was passed in March, it went on to authorize the third stimulus check for the American people. This was a major follow-up to the two direct payments which came up under the Trump administration. The third stimulus payment was the first one under the Joe Biden Administration, and it turned out to be the largest check to date, racking up around $1,400 per adult and dependent.

Interestingly, the IRS has been charged with the task of sending out the ensuing stimulus payments, as most of them have been issued already. This has led to the agency sending checks well into the summer of this year. 

Possibilities Of A Fourth Stimulus Check

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For those citizens who had received their money earlier this year, it still remains to be seen if another stimulus check would be authorized this year, or if the stimulus payments have dried up from the government’s end. The IRS, in its role, has been sending out checks for the last few months, and there are still many families which haven’t received their payments yet. On the 21st of July, the IRS announced that it had already pushed through $2.2 million in stimulus payments. 

The IRS has continued its distribution of stimulus check payments into the bank accounts of the citizens since it has been working through an entire backlog for the tax returns of last year. The agency utilizes the data of tax returns to determine who would be deemed entitled to a payment, and what amount each person or family will be owed from the government. If a taxpayer gets hold of a new dependent they will inform the IRS about their tax returns for last year. 

Under the current conditions of the American economy, a fourth stimulus check isn’t likely due to no bipartisan support from Congress. Since the legislation on the left has been focused on the reconciliation of other infrastructure legislation.

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