Fourth Stimulus Checks Now On the Table – Here’s How You’d Get the Money

The 2020 Stimulus check.
LPETTET / Getty Images/iStockphoto

Talk of a fourth stimulus check continued to make the rounds 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.

Explore: Will There Be a Fourth Stimulus Check? How Much Will It Be? All Your Questions Answered
Weigh In: If You Get a Stimulus Check, How Will You Use It? Take Our Poll

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.

Make Your Money Work for You

Discover: Over Half of Americans Need $1,400 Stimulus to Pay Basic Expenses
Watch Out: This Loophole Is Allowing Debt Collectors to Take Your Stimulus Check

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.

Learn More: Could You Start Getting Monthly Stimulus Payments? Elizabeth Warren and More Prominent Dems Push Biden to Offer Regular Relief

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.

Make Your Money Work for You

More From GOBankingRates

About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte MagazineStreet & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, will be published in 2021 by Atmosphere Press.

Fourth Stimulus Checks Now On the Table – Here’s How You’d Get the Money
Close popup Live Richer Newsletter

We're here to help you Live Richer.

Sign up to receive our daily weekday newsletter with the latest finance and lifestyle content.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.