4th Stimulus Check
The 4th stimulus check is an amount of money that states are able to receive as long as they follow certain rules and guidelines. These funds are available to all 50 states, but each has to decide how to spend it. Some states are distributing the checks to specific groups, and the requirements are different from state to state. The checks are given to people who meet specific income or hardship criteria.
States have approved a 4th stimulus check
While the federal government has stopped issuing stimulus checks, some states have passed bills to give back money to their residents. The new checks may not be as widespread as the first three rounds, but they will help many Americans. The money is being aimed at alleviating the effects of inflation, oil prices, and the war in Iraq. While the amount of money will vary by state, it is hoped that the additional cash will help 87 million people.
The four-year stimulus funds will be distributed to low-income families in a variety of ways. For example, Maryland will provide low-income households with up to $500 in assistance for the 2019 tax year. Meanwhile, New Mexico will help those struggling with various financial situations. Tennessee and Texas are other states that are providing mortgage assistance and rental assistance to people in need. Some cities are also making the fourth stimulus check available to residents.
Social media posts claim a 4th stimulus check is coming
A recent social media post claimed a fourth round of stimulus checks would be handed out in July, but was it true? The post claimed that the government had passed a stimulus bill that gives everyone a $2,500 check. The post also included a link to a website where a picture of a gorilla was posted. While there was no official confirmation of a 4th stimulus check, the idea of receiving a large check remains popular.
Despite the widespread talk, the IRS has denied that another stimulus check is coming. According to IRS spokesperson Eric Smith, the government has not approved any plans to issue another stimulus check. “The third stimulus check was approved by Congress,” Smith said.
IRS has distributed $390 billion in third-round stimulus checks
Since the third round of stimulus payments began on January 1, the IRS has distributed more than 163 million checks to eligible households. To date, the amount of these payments is about $390 billion. Most of the payments were made electronically, but about 21 million people still received paper checks. Another 4.56 million people received payments through debit cards. The third round of stimulus payments has expanded eligibility to include a wider range of populations. However, it has also tightened income limits. This means that many of the 16 million households that received stimulus payments during the second round of payments probably won’t receive any money in the third round.
The majority of the stimulus payments went to households earning less than $50,000 per year. More than one-third of the checks went to households that didn’t file tax returns in 2019 and 2020. The remaining five percent of the payments went to households with a higher income.
CARES Act passed quickly to get relief from lockdown
The CARES Act, which was passed in March of 2010, allocates more than $130 billion in new funding for our healthcare system and states. The law also provides direct benefits for individuals and families affected by a global coronavirus pandemic. These benefits include tax breaks, unemployment assistance, and small business relief.
Congress has not been planning to provide beneficiaries with stimulus money
The 4th stimulus check has stalled in Congress because of disagreements between Democrats and Republicans. Rising gas prices are a factor in the lack of agreement on a final bill, but Congress is currently considering a program to provide gas relief to families, which would pay them up to $400 a month through 2022. With the rising cost of gas, it is difficult to see how Congress can afford to pay out stimulus payments.
It has been nearly two years since the initial stimulus check was issued, and the odds of another one are fading with each passing month. Social Security beneficiaries can still expect a check, but the odds are getting slimmer. Meanwhile, the economy has remained resilient despite the worst pandemic in history, with the unemployment rate hovering around 3.6%.