Expecting A 4th Stimulus Check: Should You Look Ahead To One More Round Of Payment In 2021 Or Later?

Stimulus Check
Stimulus Check

Should we expect the fourth round of stimulus checks this year or in 2022? That is what more than 2.15 million petitioners have appealed for. And that is the aim of an influential group of Democratic lawmakers. Many expert groups have also pitched in for a fourth payment to help out millions badly affected by the economic downturn.

The IRS has been sending out stimulus checks every week starting from March 17 without a break. The amount disbursed in May alone was $3.8B to 2.7M individuals and families.

But nearly 2.2M people have made a joint petition to the government for another stimulus payment. They have signed the petition through the website change.org. They have appealed to Congress to approve immediate payments to cope with the severe economic recession.

The petitioners aim to get a total of 3M signatures. They have requested the support of $1,000 for each child and $2,000 for adults.

President-Speak Up For A Fourth Stimulus Check

President Biden has held his comments on any additional stimulus check. He is at present preoccupied with getting the infrastructure bill passed through Congress. Jen Psaki, the press secretary at the White House said that any progress on this front would depend on Congress. He was asked on May 4 if President Biden would push for a fourth stimulus check.

There is nothing in President Biden’s speeches or comments to indicate that he might go in for another round of stimulus payments. But some proposals could earn Americans generous sums of money in various schemes that are set to run till the next tax season.

The Support So Far From President Biden

stimulus check
stimulus check

The American Rescue Plan was President Biden’s first stimulus support immediately after he came to power. The salient features of the $1.9 trillion economic stimulus bill include the $1,400 stimulus check; expanding the $300 per week unemployment benefits to run through September 6, 2021; and the extended child tax credit worth up to $3,600 per child that will give support to families with children.

Future Plans Of The President

President Biden has also pitched for two more stimulus plans in 2021. But none entail any direct stimulus support till now. But prominent Democratic Lawmakers, including Bernie Sanders and Elizabeth Warren, have strongly pitched for a fourth stimulus check.

They have argued that there has not been a sufficient turnaround in the economy to warrant the discontinuance of direct stimulus support. Americans are still struggling to cope with basic necessities. The stimulus amount they received is not expected to last beyond 2 months.

They have requested the President to include regular direct payments plus unemployment support linked to the economic scenario.

Giving A Tentative Shape To Any Subsequent Stimulus Check

Any future stimulus plans could be targeted towards definite groups of people. For instance, it could go out to the unemployed or parents whose earnings are less than a certain amount. The details of the present stimulus payments are as follows.

There is a one-off stimulus check of up to $1,400 for each member of the family where the earnings of the individual or couple are below a certain limit.

The child tax credit is targeted to support children of all age groups. The highest amount is for children below 6years. Parents will receive a maximum of $3,600 per child for close to a year.

The federal unemployment support has been extended through September 6, 2021. The federal support is $300 per week excluding state unemployment assistance.

The Possible Future Scenarios Of A Stimulus Check

President Biden has outlined his plans for more support to families in his American Families Plan. This plan is slated to follow the American Jobs Plan. There are plans for more direct support to individuals and families affected by the economic recession.

A More Targeted Direct Stimulus Support

Stimulus Check
Stimulus Check

There are plans for continuing the recurring stimulus checks. But it might take a more targeted form and could include only families and individuals in the lower economic spectrum.

A Permanent Child Support On The Lines Of The Child Tax Credit

President Biden has taken a personal interest in making the child tax credit into a permanent feature. He has appealed to both the Senate and the House to expand the support through 2025, for the present. Millions of families with children are expected to come out of the grips of debilitating poverty with this support.

A Raise In The Minimum Wages

 Several Democratic lawmakers continue to press for raising the minimum federal wages from $7.25 an hour at present. The president has pushed for raising it to a minimum wage of $15 an hour. Senators Kyrsten Sinema and Romney have both supported the hike. 

But some have also said that a hike to $11 is acceptable at present. Sanders had tweeted that this was not the last instance that demands would be made in Congress for a hike. In the present scenario, it is expected to benefit more than 32M Americans. 

A recent report by the Brookings Institute has projected how a raise of the minimum wages to $15 an hour could make around 37% of the total American families self-sufficient financially.

Continuing The Federal Unemployment Support

The present federal support of $300 a week has been extended to September 6, 2020. But the group of 10 liberal senators has, in the letter to President Biden, requested for an extension of the federal assistance for the unemployed beyond September 6.