The Coronavirus pandemic had taken the United States by storm. Millions of Americans lost their jobs due to the pandemic-induced economic crisis. To help the unemployed people make it through the tough time, the federal government introduced Coronavirus stimulus checks.
Fortunately, with close to half the population getting fully vaccinated and the virus’ spread declining, the situation is slowly starting to return to normal. The economy, especially, seems to be on an upward trajectory but unemployment levels haven’t quite come down to pre-pandemic levels.
As many are still finding it hard to find a decent source of income to sustain themselves, some are looking to the government to deploy a fourth stimulus check for continued support. Yet, some lawmakers are not keen on introducing another stimulus package.
This article will give a background on the previous stimulus checks, why the government is divided when it comes to the fourth stimulus check, and whether there is a possibility of the fourth check being released anytime soon.
A Bit About The Third Stimulus Check
The most recent federal financial aid, a $1.9 trillion economic stimulus package, was passed on March 11, 2021, and is still ongoing. A part of President Biden’s American Rescue Plan, the third stimulus check provides direct payments of $1,400 to millions of eligible Americans. However, you should keep in mind that this amount is just the base amount and the actual amount you may receive may be higher or lower.
The third stimulus check’s income limit is the same as the first and second stimulus checks and is open to certain sections of people who weren’t eligible for the previous two checks. The third economic impact payment is also different from the other two in regards to the phase out amounts, eligible dependents, and the payment amount. This check is also followed by a plus-up payment to those eligible.
Will There Be A Fourth Stimulus Check?
The Fourth Stimulus Check, though much talked and asked about, has still not been confirmed. A letter signed by 53 house members in January asks for recurring payments until the pandemic is over, while another letter suggested automatic payments to go out when certain economic metrics have been reached.
This support for extended relief is not just purported by lawmakers but experts as well. Many economists extended support for continued direct cash payments in an open letter. A think tank’s publication claims that another stimulus payment can lead to a decrease in poverty levels.
Citizens have also been rallying for extended support checks. A change.org, asking for the rollout of a fourth check petition, has managed to successfully accumulate 2.5 million signatures so far.
The fourth stimulus check has its share of supporters, however, the likelihood of it coming to pass does not seem very probable. Why? For starters, while the Biden administration did pass the third stimulus check and the President is open to ideas about the economy, he does have other priorities. The President’s American Jobs Plan and American Families Plan, both carry hefty price tags that lower the chances of another stimulus package passing. Although, there is a possibility to include the fourth check as part of the American Families Plan, the combined amount can be tough to pass.
The steady progression of vaccination and businesses slowly opening up could also be reasons for not going ahead with another stimulus package. Even as there are many in support, there are groups that want to wait and watch the whole situation unfold before taking action.
Other Financial Support You Can Turn To
As the fourth stimulus check is unlikely to happen, there are other programs that might be of help. The government has other initiatives that enable direct payments to its citizens in the form of extended pandemic unemployment benefits and Child Tax Credit. While the American Rescue plan extends unemployment benefits through labor day, the Child Tax plan will ensure payments from July 15 through December.
You can check your eligibility for both programs on our website. This article will be revised based on future updates.
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