Stimulus Check Update: 5 Must-Know Facts

Stimulus Check

Stimulus checks were a crucial lifeline during the COVID-19 pandemic’s peak. People who had to stop working or reduce their hours might still afford to pay their essential expenses thanks to the money that was transferred into their bank accounts.

However, many people are still experiencing the pandemic’s impacts. So, when can we expect the fourth stimulus check?

5 Facts About Stimulus Checks

Before the election, there won’t be any federal stimulus payments.

  1. One more stimulus check won’t be issued by the current Congress. Through a unique procedure known as reconciliation, the last payment, which was permitted by the American Rescue Plan Act, was approved along party lines. There won’t be another chance to do this until after the campaign, and there isn’t enough support to approve a bill that would allow for the fourth payment.
  2. Another stimulus check would probably be required if the economy worsened.

Even if the composition of Congress were to change, it is improbable that a fourth payment would be approved given the state of the economy. There are currently no widespread lockdowns, and many lawmakers are unwilling to further stimulate the economy because doing so could lead inflation to rise.

3. Parents have a higher chance than non-parents to receive additional federal stimulus funding.

Although there is no desire in Washington, D.C., for a fourth stimulus check to be given to everyone, an enlarged Child Tax Credit does have some bipartisan support.

The American Rescue Plan Act, the last stimulus measure, increased the amount of money available to parents by amending the guidelines for the existing Child Tax Credit. Parents might get up to $3,600 for children under the age of six and up to $3,000 for children from six to seventeen.

4. Nearly half of the states are sending or have already sent stimulus checks.

Receiving one from your state gives you the highest chance of receiving a fourth stimulus check. Nearly half of the states in the U.S. have either made payments or will soon. In order to determine whether a payment is required, consult with local officials as the criteria for when you become qualified vary based on where you live. 

5. There may still be money outstanding from the previous payments.

And finally, if you didn’t get all the money you were due from earlier stimulus payouts, you might be eligible for another one. The stimulus payments were advances on a tax credit, so you can claim your money by filing a tax return.

Even though the time has passed, you can still file a return if it turns out that you should have for a stimulus payment in 2020 or 2021 but didn’t. You won’t be subject to late filing fines if you didn’t owe any money (fines do apply if you were required to file and pay taxes but didn’t).

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