Fourth Stimulus Checks Now On the Table – Here’s How You’d Get the Money
Talk of a fourth stimulus check continued to make the rounds this week as U.S. lawmakers grapple with how best to help Americans who are still struggling under the weight of the COVID-19 pandemic. Speculation centers on how another spending package, currently being put together by the Biden administration, will deal with financial relief.
While there will almost certainly be some kind of relief included, less certain is what form it might take. As CBS News reported over the weekend, the federal government has already delivered up to $3,200 in direct payments to each eligible American adult: $1,200 as part of the Coronavirus Aid Relief and Economic Security (CARES) Act in March 2020; $600 in a December stimulus package; and $1,400 under the American Rescue Plan signed in March by President Joe Biden.
Meanwhile, lawmakers are pressing for more financial aid. Nearly two dozen Senate Democrats sent a letter to Biden on March 31 urging him to implement recurring payments and automatic unemployment insurance tied to economic conditions, according to Business Insider. Their reasoning is based on evidence that direct cash payments have played an important role in fighting poverty, boosting small-business revenue and increasing state and local revenues.
So what form might future financial relief take? On Monday, CNET listed four possibilities:
- Recurring stimulus payments: This is the method being touted by Democratic senators, who have urged Biden to send out recurring stimulus checks during the pandemic.
- Minimum wage hike: Some lawmakers want to increase the federal minimum wage, which is currently $7.25 per hour. Most suggestions are to raise it to either $15 an hour or $11 an hour.
- Make the child tax credit raise permanent: Funds from the expanded child tax credit are set to begin in July in the form of periodic payments to lower-income and middle-income families with children. White House press secretary Jen Psaki has said Biden wants to make the credit permanent.
- Renew federal unemployment payments beyond September: In their letter to Biden, 10 senators requested that the president extend federal unemployment assistance beyond its September expiration date.
So no matter what, another round of stimulus relief is very likely. It just might not look like the checks or direct deposits we’ve all become accustomed to.
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