Many Americans have wondered if the fourth round of stimulus checks is on the way since the third round began appearing in people’s bank accounts in March 2021.
The third batch of payouts provided up to $1,400 to those who qualified, and up to $2,800 to married couples filing a joint return. During the coronavirus outbreak, the checks were designed to assist individuals to pay their expenses and improve the economy.
“There are no additional stimulus payments permitted by law,” a representative for the Internal Revenue Service (IRS) informed. In order to allow more stimulus checks, Congress would have to pass legislation that would be signed into law by President Joe Biden. Since March 2021, no stimulus checks have been sent to Social Security beneficiaries or anybody else in the United States.
This isn’t to say that further stimulus hasn’t been recommended. Rick Delaney, head of The Senior Citizens League (TSCL), proposed a one-time $1,400 Social Security stimulus payment for seniors in a letter to Congress in October 2021, but Congress has yet to act on the proposal.
Congress Will Not Allow More Stimulus Checks
When people retire or are unable to work due to a disability, Social Security provides them with a source of income. Retirees can begin collecting Social Security payments as early as the age of 62.
Delaney claimed that these sorts of stimulus checks might be used to offset higher taxes resulting from a Social Security cost-of-living adjustment. Due to a rise in the cost of living, the Social Security Administration (SSA) increased Social Security and Supplemental Security Income (SSI) payments for roughly 70 million Americans by 5.9% in 2022, according to the agency’s website. The majority of Social Security recipients received a cost-of-living adjustment (COLA) in January 2022, and the average payout for all retired employees is currently $1,657.