No 4th wave of COVID-19 stimulus checks

WHAT YOU NEED TO KNOW:

• A fourth round of COVID-19 checks is not plausible, for now.
• President Joe Biden has not expressed any intention of coming up with another round of financial aid.
• Instead, some Americans would get to receive additional tax refunds and payments from the Child Tax Credit program.

For now, there will surely be no fourth round of COVID-19 stimulus checks.

President Joe Biden’s infrastructure plan does not involve having another round of stimulus payments. This is the current political setup even with Democrat legislators calling for continuous or automatic payments to be given for potential needs in the future.

Furthermore (and more pronounced), any move to propose a fourth wave of COVID-19 financial aid will face strong objections from the Republicans.

During voting procedures of Biden’s American Rescue Act (a legislation which includes the third wave of stimulus checks), all GOP House and Senate members voted against passing it. Up to now, in fact, some of them are calling out federal assistance as the nation reopens its economy.

More than 165 million payments have been distributed by the Internal Revenue Service as of the latest, as the agency continues to disburse the funds to the remaining eligible recipients. In the third wave of COVID-19 stimulus checks, a qualified American would receive $1,400, with another $1,400 bonus per dependent. 

Some taxpayers would secure a fourth round of direct payments, in the form of “plus-up” payments since they were not able to get their full payment upon receipt of their third stimulus check.

Accordingly, “plus-up” payments will be received by people who got their third stimulus payment amount based on the 2019 tax return, and who now qualify for a larger relief aid. This instance is true for people who had smaller income in 2020 than in 2019 or those who had an additional infant or dependent in their 2020 filing.

Further, as Biden expanded the Child Tax Credit program from his American Rescue Plan, some citizens would also get to receive monthly payments starting July up to December.

Per the Treasury Department, over 65 million children would be eligible to receive the payments.

For 2021 tax credit, taxpayers could claim a maximum amount of $3,600 for kids under six, and $3,000 for children between six and 17 years old. For the next six months, beginning July up to December, qualified households will get half of their total payments in advance. For older children (ages seven and above), monthly payments would be $250, and $300 for younger ones (ages six and below). 

Other financial payments that could be received by Americans would be the additional tax refund, where citizens, who had secured unemployment benefits last year and filed their tax prior to enactment of Biden’s American Rescue Plan, could obtain two tax refunds.

Source: AOL.com