Since the last round of government stimulus checks, many people are wondering if they’re going to get another one. While there are no confirmed reports of a fourth stimulus payment, it’s possible that down the road people could get one. If so, the payment would probably take one of two forms: monthly checks or a one-time payment of up to $2,000. If you’re concerned about your finances during the pandemic, keep reading to see what the government has in mind to help people out.
American Rescue Plan Act
The three main stimulus checks that people got were made possible under the American Rescue Plan Act. This was in an effort to stabilize the economy. It’s been working so far because there has been slow but steady job growth. But things could get a little more complicated for some people now that the ban on evicting tenants was ended a few months ago. Some economists even say they fear another stimulus check because it could lead to further price inflation.
Congress Eyes More Stimulus Payments
Even though there is no bill being considered right now, President Biden said he would consider supporting any stimulus plan that Congress puts on his desk. One idea floating around in Congress calls for a payment of $1,200 to every person that makes under $75,000 per year. In May, the House Ways and Means Committee sent a letter to the president asking him to add a fourth and fifth stimulus check.
Stimulus Payments
If a fourth stimulus check is approved and sent to those who qualify, it will likely be similar to the previous ones. If you don’t remember how those ones went, the first came in the amount of $1,200. The second stimulus payment was $600, and the third was worth up to $1,400 but it was tougher to qualify for that one. All of these stimulus checks were given to taxpayers who made $75,000 per year or less. Couples who filed their taxes jointly received the full payment if their total income was $150,000 or less.
Timeline of Getting Paid
While it might make you nervous to know that you won’t be getting another stimulus check at the moment, keep in mind that things can change quickly. Once Congress introduces a bill, it could be only a matter of weeks before money is getting sent out again. For example, Biden was inaugurated on January 20th, and it took two weeks for Congress to review his American Rescue Plan Act. Then on March 11th, $1,400 checks were distributed all over the country. So don’t stress too hard right now. Stimulus checks could be on their way once the federal government puts its wheels in motion. Keep checking back here for important updates.
