The question has been going on for quite a while now: is another stimulus check going to come? It will be the fourth one, and the answer has not become any clearer over the past few weeks. However, a large population of America is in favor of this new round of stimulus checks, and it is still gaining popularity. However, Washington has remained silent on if such a thing has any possibility of being real.
On 4th May, Jen Psaki, the Press Secretary of the White House said these payments have a cost. As such, they are waiting for what Congress members say about the matter. She gave these replies when she was asked how possible fourth stimulus checks are.
The Internal Revenue Service has been continuing to send out further batches of the latest stimulus checks sanctioned. As such, the total of the third round of payments that have been sent out has reached 164 million. At the same time, a certain governor has proposed an additional round of stimulus payments. However, the payments will be only for certain residents, and not all.
Read on to know about all the important information regarding the latest proposals and discussions about the fourth stimulus check.
The Latest Proposals On Stimulus Checks
Gavin Newsom, the Governor of California, recently said that he is looking to send stimulus checks worth $600 to middle- and low-income residents. This will be one part of a new spending plan worth billions of dollars. The criteria for eligibility that residents will have to meet are:
- Families whose annual income is not more than $75000 and not less than $30000. They will be paid $600.
- Families that have one dependent at least will be paid a further $500. That is, their stimulus checks will be worth $1100 total.
However, this is currently nothing more than a proposal. As such, the Legislature of California will need to support and approve of it before it becomes a certainty.
On the level of the nation, however, there has been not as much news. The American Rescue Plan had been passed recently. After the passing, twenty-one senators of the Democratic Party had put pressure on President Biden to think about further stimulus payments. Their demands do not only talk about other stimulus checks but a group of direct payments that will recur. They request Biden to include it in his agenda named Build Back Better. The agenda already includes the other more famous plans – American Rescue, American Jobs, and American Families.
A Further Stimulus Check Has Large Support Among Americans
The economy of the United States was left devastated by the covid pandemic in 2020. As such, the stimulus checks were thought of as a way to help the recovery of the economy. To a certain extent, the plan has worked. However, there are worries among several economists that the cities that had been hit the hardest may still be reeling from last year’s pain for the upcoming 10 years and more.
In January, Data for Progress had conducted a poll. They are a polling group known for their progressiveness. The results stated that as many as 65% of American citizens are supporting the possibility of a recurring monthly direct payment worth $2000 for as long as the pandemic lasts. There are divisions – 41% have strong support for the idea, while 21% can somewhat get behind it. Not just the populace, many economic experts also support the idea. The top 156 economists wrote a letter, open to all, in July of last year. In it, they had urged policymakers to realize this idea of direct payments that recur until the economic recovery is complete.
Meanwhile, a petition has been posted on Change.org. The petition to Congress calls for the disbursement of regular stimulus checks for the remainder of the crisis being caused by the coronavirus. The petition has managed to gather a signature count of over 2 million. The petition specifically calls for stimulus checks worth $2000 for every adult as well as payments worth $1000 for each child.
Additional Methods Of Receiving Direct Aid
Several Americans are still expecting more payments in the future that was a part of Biden’s Plan For American Rescue. Two more payments had received approval apart from the one-time stimulus payment worth $1400. These were an expansion of the tax credit for children and the federal bonus for unemployment.
Under the new expansions for the child tax credit, families that qualify will be paid $3600 per child who is younger than 6. Children who are older than 6 will be getting a payment worth $3000. Fifty percent of the amount can be paid in periodic payments that will start from July. You will then receive the remaining amount on filing the tax return for 2021 next year.
If you are currently unemployed, you can be paid a check every month that can have a maximum value of $300. This will be excluding the unemployment benefits that you get from the state. 6th September is the date of expiry for these payments.
Congress can bring even more payments to the board if they pass a federal increase in the minimum wage. This will give permanence to the new child tax credit. This can also renew the federal unemployment benefit for longer than September.
President Joe Biden has also talked about supporting a move to make the new tax credit for children permanent. He is also looking to raise the minimum wage from the federal government, and make the hourly rate $15. Some Republicans have also voiced their support for these proposals. However, some believe that the wage increase should not be increased beyond an hourly rate of $10.
What Can You Do If No More Stimulus Checks Come?
There are not many options available if you are facing a struggle in making ends meet. However, here are some suggestions that you can consider to find financial some sort of financial stability:
In 2020, spending through credit cards had dropped. In 2021, it has been gradually increasing. If your balance has increased but your credit is fine, you can try applying for a credit card that allows balance transfer. Personal loans can also consolidate the balance at lower interest rates.
If you continue to work remotely, you can adjust your insurance policy for your automobile and reduce the miles on it. It can lead to quite a bit of saving.
Mortgage rates continue to be under 3%, even after a slight interest. As such, if you own a home and have not yet refinanced the loan for the mortgage, check if you can get an interest rate lower than your present one.
Agencies from the government and organizations in your local community can also be able to offer some help.