Three stimulus checks have been issued to families and individuals across the country since the start of the pandemic, but it is unlikely that a fourth will be issued. Despite the petition that has collected more than 2.9 million signatures for recurring $2,000 stimulus payments to all Americans, Congress does not currently plan to approve another stimulus payment. Although the enhanced unemployment benefits have expired, many families are still facing many financial hardships, especially since the number of cases of delta variants has soared.
According to CNET, states have created programs to provide additional financial support to residents in order to fill in the gaps in federal support. Californians have received another round of Golden State Stimulus checks (with a range of $600 to $1,100), and Marylanders are eligible for $300 or $500 direct payments. Florida, Michigan, Tennessee, and even Vermont received bonuses for teachers, as well as some front-line workers.
Check out what you need to know about stimulus funds that have been approved and other forms of aid you might receive. The deadline for filing your 2020 tax return was Oct. 15, so make sure you didn’t miss out.
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It is also possible for parents to apply for a deferred payment plan and instead receive their payment in the spring. In families with multiple children, no limit exists (according to the no. of children) on the total amount of credit that can be claimed. Next year, families will receive a tax refund if the credit exceeds what they owe in taxes. Families with low incomes can apply for the maximum credit as well. Find out more about child tax credit eligibility and dates below.
Additional Federal Stimulus Money: The third federal stimulus money was paid out in batches through 2021 to those eligible. Taxpayers are also receiving a “plus-up” payment from the Internal Revenue Service, which makes up the difference between the stimulus amount they received (based on their 2019 returns) and the amount they could receive (based on their updated 2020 returns).
You might also be eligible for a $1,400 payment if someone in your family became a dependent by 2021, such as a newborn or foster child. In order to receive the third payment, you need to claim a Recovery Rebate Credit on your 2021 tax return, which will be filed in 2022, according to IRS.
Stimulus Payments to Californians: In the state, two rounds of state-level stimulus payments were approved. The state officials call these payments Golden State Stimulus I and II. They are intended to help low-income Californians suffering from the pandemic. The Golden State Stimulus II will provide a one-time payment of $600 to nearly two-thirds of eligible residents (and an additional $500 to eligible families with children).
Checks are being mailed out in batches every two weeks starting late August, with the latest batch being mailed out Sept. 17. To be eligible, you must have lived at least most of 2020 in California, you must have filed a 2020 tax return, you must have earned less than $75,000 annually (adjusted gross income and wages), you must have a Social Security number or an individual taxpayer identification number, and your children cannot be claimed as dependents by another taxpayer.
Stimulus Aid to Marylanders: Through its earned income tax credit, Maryland has paid $400 per family and $300 per individual. A married couple filing jointly without qualifying children must earn a maximum income cap of $21,710, while a married couple filing jointly with three or more qualifying children must earn a maximum income cap of $56,844. Additionally, Maryland’s legislation includes tax relief for small businesses and support for unemployed residents.
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Vermont’s Hazards Pay to Frontline Workers: Workers who remained on the job during the first few weeks of the pandemic were paid $1,200 or $2,000. At-risk employees such as health care employees, grocery store workers, and retail workers have already received two rounds of approved funds.
Education Bonuses: Local and state governments received $350 billion in American Rescue Plan funding. Schools will receive a large portion of that aid, with some states deciding to reward teachers and school employees with bonuses of up to $1,000.
Georgia, Florida, Tennessee, Colorado, Texas, and California are among the participating states. Teachers in Michigan were also compensated with $500 earlier this year. These states have until 2024 to disburse the funds given by the American Rescue Plan, so this means they are likely to approve the distribution of the funds soon.
Currently, There is No Proposal for a Fourth Stimulus Payment
Food insecurity and financial instability were reduced by the first three stimulus checks, according to researchers. Children have received up to $2,500 and eligible adults received a maximum of $3,200 during the pandemic. Meanwhile, families who have lost wages and benefits will not be able to recover from these losses with that amount of money.
Several White House plans have been proposed since the American Rescue Plan, including the American Jobs Plan and the Build Back Better agenda, but none of these calls for more direct aid. According to a June statement by White House Press Secretary Jen Psaki, Joe Biden is “open to a range of ideas” concerning stimulus aid, but has already laid out what he believes will be “the most effective.”
The scaled-down bipartisan deal on infrastructure, reached in the Senate on July 28, does not address human infrastructures like child care, wage increases, or job training. It is likely that those elements will be scaled back as part of the $3.5 trillion reconciliation package. The White House unveiled its “Build Back Better Agenda,” which includes lowering health care costs, cutting taxes, and investing in teachers and schools. Currently, Democratic senators are working on an economic plan, but Congress may take some time to approve the final version.
But, Democrats haven’t argued for another stimulus check for a long time. Nonetheless, several legislators asked Biden to incorporate regular stimulus payments into his next stimulus package at the end of March. Similar requests were made by several members of the House Ways and Means Committee in May. Pointing to the rising poverty rate among Americans as well as spiraling debt, they do note that “most people spent relief checks on monthly expenses or essentials such as food, utilities, rent, and mortgage payments.”
Nearly 3 million signatures have been collected on a stimulus check petition for $2,000
More than 2.9 million people have signed a Change.org petition urging Congress to send out monthly stimulus checks of $2,000 for adults and $1,000 for children until the pandemic is over. In the petition, it is noted that many Americans have yet to receive checks and that recurring payments should be made immediately.
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Congress May Approve More Money In The Near Future
It’s still unclear what the future holds and much is up for debate, but in the following scenarios, US citizens could get a little more cash in their pockets:
In the event that the expanded child tax credit is made permanent: millions of lower and middle-income families begin receiving monthly payments this summer. Biden called upon Congress this summer to extend the expanded child tax credit to 2025 in a speech. Now some lawmakers and economists are advocating enhanced credit, and House Democrats have proposed making it permanent, but it is still controversial.
In the event that there is an increase in the minimum wage: A few senators continue to think about raising the $7.25 hourly minimum wage. Some advocates want to set the line at $15 an hour, while others only want it to go up to $11. Meanwhile, a number of state, local, and business minimum wages have risen above the federal minimum wage. In recent months, however, the prospect of implementing a new national rate of $15 an hour has hit a snag, making its implementation unlikely anytime soon.