A fourth stimulus check could bring another round of direct payments to eligible Americans. It could also introduce recurring monthly payments until the pandemic ends.
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 $2.25 trillion infrastructure investment plan.
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 in 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 questioned the need for a second and third stimulus check at first.
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 lawmakers 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.
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.
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.”
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.