Could a 4th Stimulus Check Be Heading Your Way?


Millions of Americans may still be suffering from the economic effects of the pandemic. This may have people asking the question, “Will there be another stimulus check?”  While this question has yet to be definitively answered, there have been a few updates on the status of a potential 4th stimulus check.  Here’s everything you need to know about the potential 4th stimulus check and whether you can expect additional relief from the government:

 

Will There Be A 4th Stimulus Check?

The desire for a 4th stimulus check is certainly present among members of Congress and the American public.  Senators Ron Wyden, Elizabeth Warren, and Bernie Sanders sent President Biden a letter at the end of March asking for recurring direct payments tied to economic conditions. A letter in May from the House Ways and Means Committee also called for another stimulus check, stating that a 4th or 5th check would keep an extra 12 million Americans out of poverty.

 

While the Biden administration has not announced an opposition to a 4th stimulus check, the President’s current proposals, such as the American Jobs Plan and American Families Plan, are proposed without stimulus relief payments attached.  This means that a 4th stimulus check to the majority of Americans does not seem likely.

 

4th Stimulus Check Release Date

Ultimately, it seems that if a 4th stimulus check does get issued, it is most likely to come from the states. In July, California Governor Gavin Newsom signed a budget bill that issued a stimulus check for two-thirds of the state’s residents, giving $600 to residents who earn between $30,000-$75,000 a year.[1]  Those checks began going out during the last week in August.[2]

 

Other states have given out 4th stimulus checks as well.  Maryland gave out $300 and $500 checks to anyone who claimed the Earned Income Tax Credit (EITC) on their tax returns,[3] while Florida issued $1,000 bonuses to teachers back in August.[4]  Many teachers in Texas also received bonuses at the beginning of the school year, with teachers in certain school districts such as Irving and Denton receiving payments of $2,000 and $500 respectively.[5]

 

2021 Child Tax Credit

While another stimulus check may not be in the works, Americans are receiving benefits in other forms.  The American Rescue Plan revamped the Child Tax Credit, giving families up to $3,600 per qualifying child under the age of 5 by the end of 2021.[6]  Families with qualifying children between the ages of 6-17 are eligible for payments up to $3,000 by the end of the year.  American families will get half of their payment distributed each month from July to December. Many families received the 4th Child Tax Credit payment on or before October 15th.[7]

 

Keep checking back for a 4th stimulus check update to find out whether there are any changes to the prospects for another federal stimulus check.

1. https://www.gov.ca.gov/2021/07/12/california-roars-back-governor-newsom-signs-100-billion-california-comeback-plan-to-accelerate-states-recovery-and-tackle-persistent-challenges/

2. https://losangeles.cbslocal.com/2021/08/27/latest-round-golden-state-stimulus-payments-sent-out-californians-this-weekend/

3. https://www.cbsnews.com/news/stimulus-checks-states-cash-bonuses-teachers-residents/

4. https://miami.cbslocal.com/2021/07/14/ron-desantis-principal-teacher-bonuses-august/

5. https://www.cbsnews.com/news/stimulus-checks-states-issuing-bonuses-payments/

6. https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

7. https://en.as.com/en/2021/10/14/latest_news/1634229562_076956.html