Expecting A 4th Stimulus Check? There’s Relief Coming Your Way

Stimulus Check
stimulus check

With the money from the third stimulus check drying up for most individuals and families across the US, many Americans are hoping for a fourth stimulus payment to help them through the ongoing economic crisis. The pandemic-induced economic downturn shows some signs of recovery but it will be some time before things are back to the pre-pandemic levels.

The White House has quietly sidestepped any commitment on the issue and has expressed its preoccupation with the infrastructure bill. The $2 trillion bills are expected to overhaul the US economy but major cuts might have to be made before the Republicans get on board.

Chances Of A Fourth Stimulus Check Seems Remote At Present

But any direct stimulus checks on the lines of the first three rounds of payments seem unlikely at the moment. People are still struggling to put food on the table and are behind in their debt payments.

But the administration is providing other forms of support, many under the American Rescue Plan of which the Economic Impact Payment, or the third stimulus check, is a part.

The support includes the Child Tax Credit payments, an advance against the 2021 income tax returns. This relief will give parents a total of $3,600 maximum, for each child below 6, and $3,000 for those between 6 and 17.

Half of the payments will be paid in six equal monthly installments between July and December 2021. The rest of the amount will be adjusted against the 2021 income tax returns payable in 2022.

Stressed renters can avail of assistance from the $46 billion funds offered under the rental program. You can receive assistance in paying your rent, even for future payments.

On the other side of the divide, homeowners, who are equally struggling can get relief under the $10 billion assistance for mortgage payments. Each state has been allocated funds starting from $50 million, including the Dist. of Columbia and Puerto Rico.

Provision for free health coverage will also benefit most Americans as Obamacare has been given a fresh lease of life by the Supreme Court, which will assure coverage through 2021.

Though many Democratic lawmakers and people continue to press the administration for a fourth stimulus check, it appears that a further stimulus payment isn’t on the horizon yet.