A fourth stimulus check would offer another round or monthly rounds of direct payments to Americans. Groups of lawmakers have already proposed further stimulus checks, even while the third stimulus check is still being sent out.
Several U.S. Senators wrote a letter, signed on March 30, asking President Biden to consider both recurring direct payments as well as automatic unemployment insurance extensions as part of his Build Back Better economic plan.
Right now, there’s no legislation including a fourth stimulus check, so there aren’t specific stimulus check guidelines on the table. The most noteworthy economic effort in government currently is President Biden’s aforementioned $2.25 trillion infrastructure investment proposal.
Also known as the American Jobs Plan, the infrastructure bill doesn’t mention a fourth stimulus check or direct payments similar to those millions have received over the course of the pandemic. Rather, it’s a long-term initiative to rescue, recover and rebuild the country’s financial standing.
That’s not to say another stimulus check can’t be written into the next major economic plan. Although the consensus is that a fourth stimulus check isn’t likely, many initially questioned the need for a second and third stimulus check too.
The third stimulus check is still going out, so be sure to check your stimulus check status or call the IRS stimulus check phone number with questions regarding your payment. Keep in mind the IRS won’t have any information about a fourth stimulus check. Instead, read on for everything there is to know about the possibility of another round of payments.
Fourth stimulus check amount
The fourth stimulus check amount depends on several factors. If passed, it would probably look similar to the previous checks, although that’s not guaranteed.
For reference, the first stimulus check equalled $1,200, while the second stimulus check brought $600 to eligible Americans. The third stimulus check, which the IRS is still in the process of distributing, is worth up to $1,400 per person, although the eligibility requirements are narrower.
Every check allowed people who make up to $75,000 a year, according to their most recent tax returns, to qualify for the entire payment. Couples filing jointly got the full payment if they have a joint total income of $150,000 or less.
WIth the first two checks, those making up to $99,000 alone or $198,000 as a couple received prorated payments. With the third check, individuals who earn more than $80,000 per year or $160,000 per year as joint filers get nothing. Our guide to the stimulus check calculator can show you what your own eligibility looks like.
Are $2,000 monthly stimulus checks possible?
In response to President Biden’s $2.25 trillion proposal, a group of 21 Senators sent a letter urging the inclusion of stimulus checks in the next bout of relief legislation. The group is calling for recurring payments, meaning people would get monthly checks from the government.
“We urge you to include recurring direct payments and automatic unemployment insurance extensions tied to economic conditions in your Build Back Better long-term economic plan,” wrote the group, which consists of Senator Elizabeth Warren, Senator Bernie Sanders and others.
An earlier stimulus check proposal suggested $2,000 monthly payments until the pandemic is over. Representative Ilhan Omar tweeted that she wants to see $2,000 per month in late January.
If this amount sounds familiar, it’s because now-Vice President Kamala Harris threw her support behind $2,000 recurring checks during second stimulus check negotiations last summer.
Plus-up payments
While a fourth stimulus check is not likely for now, in the meantime the IRS has released information about plus-up payments and Recovery Rebate Credits, two ways to get additional money from the three stimulus bills passed since the COVID-19 pandemic began.
Both the plus-up payment and the Recovery Rebate Credit might get you more stimulus money, depending on your 2020 tax return. The plus-up payments, detailed in an IRS news release April 1, are supplements to the third stimulus check.
If you qualify for a plus-up payment, you will receive an extra check as part of the weekly rounds of stimulus payments that the IRS has been making every Wednesday.
The Recovery Rebate Credit, as explained in an IRS news release April 5, is a tax credit related to the first ($1,200) and second ($600) stimulus checks. If you qualify for the Recovery Rebate Credit, your 2020 taxes will be reduced and you may receive the credit as part of a tax refund.
Both the plus-up payment and the rebate credit will be determined by your 2020 tax return. But while the plus-up payment will come to you automatically once your return is processed by the IRS, the rebate credit is something you have to claim on your 2020 return. We have more info on both the plus-up payment and Recovery Rebate Credit.
Will there be a fourth stimulus check?
The White House hasn’t responded to the renewed support for stimulus checks, and the general sentiment is that a fourth stimulus check isn’t likely. Economists have suggested we’re moving past the pandemic’s worst financial woes, although similar things were said ahead of the second stimulus check getting passed.
However, employment numbers are on the rise — the Bureau of Labor Statistics reported an increase of 916,000 jobs in March — as are the numbers of vaccinated individuals, two statistics that weren’t so rosy at the time of the second stimulus package.
There is now a general feeling among some that stimulus checks have already done their job of helping to boost the US economy. As Nancy Pelosi tweeted yesterday, “our economy is turning a corner.”
Democrats promised & delivered a rescue package for America’s working families, and our economy is turning a corner as a result. Looking ahead to recovery, Pres. Biden’s bold plan to create millions of good-paying jobs will fix and modernize our infrastructure. #BuildBackBetter pic.twitter.com/16qsWFDrVVApril 17, 2021
Experts certainly seem in agreement that there won’t be a fourth stimulus check. The latest stimulus package, the American Rescue Plan, is “gonna be the last on that front,” Deutsche Bank senior U.S. economist Brett Ryan told Fortune. “No more checks.”
Ed Mills, Washington policy analyst at Raymond James, agreed, telling CNBC recently “I think it’s unlikely at this time. D.C. has largely started to pivot towards the recovery and an infrastructure bill.”
Are we getting another stimulus check in 2021?
Whether we get another stimulus check in 2021 depends on how much momentum the proposals for more checks gain. Our country’s virus case counts have more or less plateaued in the last two months. While there are fewer infections now than there were over the holidays, case counts are still much higher than they were over the summer, when a second stimulus check was still on the table.
If you haven’t received the most recent stimulus check, worth up to $1,400 per person, head over to the IRS Get My Payment tool to estimate when it might arrive.
The IRS has reported that taxpayers whose direct deposit information is on file should have seen their payments reach their bank accounts last month. Those who are waiting on paper checks and debit cards can expect to receive their funds in the coming weeks.
Do people need a fourth stimulus check?
According to CNBC, there is a case for a fourth stimulus check that goes beyond the calls from lawmakers. The Economic Security Project, an organization that advocates for guaranteed income, says there’s a need for more stimulus checks.
“We need at least one more check,” said Adam Ruben. Ruben, the campaign director at the Economic Security Project, also said that stimulus checks should be “automatic,” and not stalled as they were last summer when second stimulus check negotiations caused a long gap between the $1,200 and $600 payments.
During that period, up to 8 million people fell into poverty, according to CNBC.
In addition, according to recent U.S. Census Bureau, nearly 30% of Americans couldn’t cover all of their household expenses in late March.