Fourth stimulus test: can it happen? This is what we know now

Is it time to think of a fourth? stimulus check? In a little less than a year, Washington lawmakers approved it three rounds of payments to help individuals and families struggling to make amends during the pandemic. The IRS has just started send third payment for $ 1400 (calculate your stimulus total), and some are already asking whether Congress is going to sign with a fourth check.

A group of ten Democratic senators is calling on President Joe Biden to include more stimulus payments in the next spending bill, reports the Washington Post – on a recurring basis, no less. “While preparing your Build Back Better Plan for long-term economic recovery,” the senators wrote in a letter to Biden, “Know that we are ready to work with you to support repeated direct investigations.”

A year into the COVID-19 economic crisis left as many as 20 million Americans out of work, with the lowest wage earners hardest hit by the pandemic. While it is unclear where the economy is headed and what lawmakers are going to do this year, we will offer some of Congress’ options to help individuals and families if the economy continues to stumble, or to grow unevenly. Here is everything to know about the third check for $ 1400, when you can receive it and how to track your payment.

A new ‘stimulus’ check may not be the same as a new ‘stimulus’ account

The pass is over US rescue plan is the first spending package in 2021, with $ 1400 checks, $ 300 extra weekly unemployment benefits and an extensive Child tax credit lined up. Biden’s administration is already working hard on the sequel, a package that Biden refers to as its Build Back Better plan. The proposal would, for example, fund investments in the country’s energy, transport, broadband and water systems, and may not include stimulus controls.

Note: there is a debate about what counts as a ‘relief’, ‘rescue’ or ‘stimulus’ package. For the purposes of this article, “stimulus” refers to any financing, check, or measure in response to the coronavirus or to inject money into the economy.

A future stimulation test can be extremely ‘targeted’

The new US rescue plan may not authorize just one check. It actually contains three direct payments designed to help individuals and families who are struggling. It is possible that a future account could expand or introduce more money through direct checks that go to specific groups of recipients, such as parents earning a certain income or people who are out of work.

Here are all three forms of direct checks in the March 2021 bill.

Stimulus checks: The new one-off stimulus payments send to $ 1,400 each to those that meet the requirements.

Child tax credit: An extension of the Child tax credit for 2021 send eligible families $ 3,600 for each child under 6 years and $ 3,000 for children 6 years or older, with regular payments until the end of the year.

Federal Unemployment Bonus: A monthly federal unemployment check to Sept. 6 at up to $ 300 a month, in addition to state benefits for unemployed workers.

Here are more ways Congress can send out money this year

Recurring payments: Biden’s Infrastructure Bill is the next possible place for Congress to provide more funding. This is where Democratic senators call on Biden to push for repeated stimulus checks during the pandemic.

Minimum wage increase: Senate Democrats have a vote in the pipeline US rescue plan to increase the minimum wage. But proponents will include the $ 15-hour wage increase in another bill. “If a senator thinks this is the last time they will vote on the increase to 32 million Americans, they are mistaken,” Sen Bernie Sanders tweeted March 5. “We are going to keep putting it on, and we will do it, because that is what the American people are demanding and need.”

Extension of the child tax credit to 2021: The new bill expands the child tax credit, which sends periodic payments to families with low- and middle-income children, but only by the end of 2021. According to White House press secretary Jen Psaki, Biden wants to make the child tax credit permanent. Others, including Republican Senator Mitt Romney, also support making the credit permanent.

Renew Federal Unemployment Payments After September: Along with recurring payments, the 10
Democratic senators in their letter to Biden have asked that he also extend federal unemployment assistance to September. “We urge you to incorporate … automatic extensions of unemployment insurance related to economic conditions into your Build Back Better long-term economic plan,” they wrote.

Learn more about stimulus controls here all the ways the US rescue plan can help you, how much money can you expect the third check and how to track your payment.

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