President Joe Biden and Congress are currently working out the details of. Could one of the bills include a fourth stimulus check for 2021? The IRS is still the rest of the , but as that wraps up, some lawmakers are calling for a fourth payment to be approved. If that happens, it could either come as a one time check or a recurring payment.
As of now, President Joe Biden has not committed to sending a fourth check. Some members of Congress are asking the White House to incorporate direct payments to struggling families in the, citing widespread support from the public and financial analysts. Others in Washington disagree that additional relief money is necessary.
We’ll explain what’s going on with additional relief during this ongoing economic recovery. By the way, if you received anconfirming your third check, you should hold on to it. Meanwhile, here’s how to and to for the recurring . This story is updated regularly.
What to know about a potential 4th stimulus check
Approved in March, thewas the Biden administration’s first stimulus package and included , and an running into 2022.
The White House has put forward: the American Families Plan and the American Jobs Plan. Neither proposal calls for a at this stage. However, Democratic members of the House and Senate have thrown their weight behind a fourth stimulus check, including recurring or monthly payments. In late March, a group of 10 progressive lawmakers, including Sens. Elizabeth Warren and Bernie Sanders, asked Biden to include regular stimulus payments (PDF) in his next stimulus package.
“We urge you to include recurring direct payments and automatic unemployment insurance extensions tied to economic conditions in your Build Back Better long-term economic plan,” the statement said. A few weeks later, a group of 21 Democrats made a similar request to Biden.
The most recent pitch for additional stimulus money came on May 17 from several members of the House Ways and Means Committee (PDF). Remarking on increased poverty and spiraling debt among Americans, their letter noted that “most people spent relief checks on monthly expenses or essentials such as food, utilities, rent, and mortgage payments.”
Everything you need to know about more stimulus aid
The American Rescue Plan contained three types of direct payments to individuals, one of which was the $1,400 stimulus check. It’s possible a future bill could extend or introduce more money through direct payments that go to specific groups of recipients, such as parents who earn below a certain income or people out of work.
The three types of direct payments approved in the American Rescue Plan were:
Stimulus checks: Thefor have gone to those . There’s also money going to certain individuals in the form of .
Child tax credit: A temporary expansion of thesends qualifying families up to $3,600 for each child — you can here. These monthly partial payment checks, which begin in July, will last through the end of the year, with a final payment in 2022.
Federal unemployment bonus: A weekly, as well as pandemic unemployment assistance to gig workers and freelancers (the self-employed), was extended to Sept. 6. However, in Maay nearly two dozen state governments have chosen to , so millions of jobless Americans in those states will be cut off as early as June.
Here’s what you need to know about Biden’s proposed American Families Plan
As part of the White House’s economic stimulus strategy, the futurecould include direct money to individuals and families.
If it approves recurring payments: The proposal would be the next likely place for Congress to provide more funding in the form of a fourth, or even fifth, stimulus check.
If it makes the child tax credit raise permanent: Money from the expandedis set to start in July, sending periodic payments to lower-income and middle-income families with children. In his speech before Congress, Biden called on the House and Senate to . Others, including Republican Sen. Mitt Romney of Utah, also support making the credit permanent, saying it could lift millions of children out of poverty.
If it passes a minimum wage hike: Some senators continue to look for ways to, which currently stands at $7.25 per hour. In his speech before Congress, Biden called on the legislators to raise the minimum wage to $15. Sens. Romney and Kyrsten Sinema have also pitched a wage hike. Some proponents want to set the bar at a $15 hourly wage, but others are looking to go to $11 an hour. A February report from the Brookings Institute models how a $15 minimum wage could help make 37% of US households financially self-sufficient.
If it renews federal unemployment payments beyond September: Along with recurring payments, some lawmakers had originally petitioned for federal unemployment assistance to extend beyond Labor Day this year. However, as dozens of states, many Democratic members of Congress are now expressing skepticism about allowing enhanced unemployment relief to continue past the September expiration date, as Politico reported in early May.
Here’s how to report a, And here’s what we know about the that’ll help you get money with the child tax credit.