The people of the world’s largest country are looking forward to the next 4th stimulus cheque. As you know, the American government has helped their people to coop up in this Coronavirus pandemic. The Biden government already announced a third check earlier this year. It was their first-ever announcement for a stimulus cheque.
The distribution is still in progress for a third check by the Congress government. The IRS is responsible for payment to the eligible ones. As per the reports, they have already made payments of $3.8 billion to 2.7 million people. However, it is not even half of the eligible population.
In this regard, there is a campaign running on social media regarding signing a petition on Change.org. 2.1 million people have already signed it; however, it was targeted to be signed by 3 million, which is still a target.
Has President Biden made any announcement regarding Stimulus Cheque?
President Joe Biden has already made the first announcement regarding the stimulus cheque. However, it was the third stimulus cheque, but people are expecting the fourth stimulus cheque from the Biden government.
In his recent address to Congress, he mentioned that they had paid $ 1400 stimulus cheques to most of the people, but still in progress. But he didn’t mention anything about the next one. IRB is responsible for payment to all the eligible candidates.
When asked to White house secretary Jen Psaki, she said that they would formulate the policy regarding it, according to the decision by the ruling government. President Biden has just shared a recent infrastructure bill, but it doesn’t cover any specific guidelines for a fourth stimulus cheque.
Do Americans really need a fourth stimulus cheque?
The stimulus cheque was introduced to rescue and recover the economy from this deadliest virus. It helped people to run their households with ease. As per reports, the economy is still struggling, but the country’s economy is surviving well, even in the worst times. That is the reason stimulus cheques were distributed.
Many businesses have faced a downfall due to this deadly pandemic. So to reduce the cost, they have abandoned their staff. The first stimulus cheque of $1000 with an unemployment bonus then the second was of $1200 recurring payment in the hard times of pandemic. And the third one was $1400, accompanied by a $300 weekly unemployment bonus for adults.
In the March 2021 infrastructure budget announcement, the Biden government introduced a child tax credit up to $3600 for each child under six years. Beyond that, it will be $3000 for each child. It includes benefits like daycare, after-school care, etc. You can avail of these child tax credit benefits till 2022 if you are eligible for them.
You can claim even more if you have two or more kids within the eligible age. Cumulatively, you can claim $16,000 for all the kids you have.
What can you expect in the new stimulus cheque?
People in the USA are expecting a good amount of $2000 at least, being distributed as a fourth stimulus cheque. Earlier it was just $1400 along with a $300 weekly unemployment bonus. Additional tax credit benefits for the kids as well.
The Senate and democratic members are favoring a fourth stimulus cheque. They also emphasize recurring monthly or weekly payments. Actually, the economy should recover and rebuild from such a huge financial crisis. And people of the country should be well fed as well. So, the decision should be favoring keeping in view both perspectives.
The actual purpose of this stimulus cheque is to send money to those families with zero to low earnings with kids. So, the policymakers should review consensus after a quarter to check the need for the stimulus cheque to be distributed or not to such families. So, you can keep regularly checking our website regarding any update on the next payment for the stimulus cheque.
All the details about the fourth stimulus cheque have been mentioned above. We are waiting for the next announcement by the government for it, as that is much awaited. Stay tuned to get the next update about it; we will update you as soon as any official announcement by the members of Congress.