According to a study based on surveys from the Census Bureau, food shortages and financial instability declined through the end of 2020 and into 2021 due to the stimulus package approved by Washington. Biden has not committed to a fourth check, but some members of Congress are urging the White House to approve a new payment, citing widespread support from the public and financial analysts. Others in Washington have argued that as the economy starts to pick up, there will be no need for stimulus money.
We summarize what we know about these economic measures that could affect you. As for other money matters, here’s how to:and how? for the returning . This story was recently updated.
Is there a 4th stimulus check on the table?
Approved in March, thewas the Biden administration’s first stimulus package and included , and a runs until 2022.
have since been proposed: the American Families Plan and the American Jobs Plan. As outlined in a May 28 White House factsheet on the fiscal year 2022 budget, neither proposal calls for a new stimulus check at this stage. However, one of these accounts may bring in or introduce more money through direct payments that go to specific groups of recipients, such as parents who earn below a certain income or those who are unemployed.
Some Democratic members of the House and Senate have backed away from a fourth stimulus check, including recurring or monthly payments. In late March, a group of 10 progressive lawmakers, including Sens. Elizabeth Warren and Bernie Sanders, Biden to include regular stimulus payments in its next stimulus package. A few weeks later, a group of 21 Democrats made a similar request to Biden.
The most recent pitch for additional stimulus money came on May 17 from several members of the House Ways and Means Committee. Their letter pointed to increased poverty and mounting debt among Americans and noted that “most people spent the checks on monthly expenses or essentials such as food, utilities, rent and mortgage payments.”
What about other incentives approved for this year?
The March US bailout included three types of direct payments to individuals:
Stimulus Controls: Dein front of went to that one . Money also goes to certain individuals in the form of .
Child Tax Credit: A temporary extension of thesends eligible families up to $3,600 for each child — you can here. These monthly partial payment checks, which start in July, will last until the end of the year, with a final payment in 2022.
Federal Unemployment Bonus: A weeklywas extended until September 6, as well as pandemic unemployment assistance to gig workers and freelancers. However, about two dozen state governments have chosen to: , so millions of unemployed Americans in those states will be cut off as early as June.
What do we know about the proposed American Families Plan?
As part of the White House’s economic stimulus strategy, the future ismay include money directly to individuals and families.
If it approves recurring payments: The proposal would be the next likely place for Congress to provide more funding in the form of a fourth or even fifth stimulus check.
If it permanently increases the child discount: Money from the extendedis expected to start in July and send periodic payments to lower-income and middle-income families with children. In his speech to Congress, Biden called on the House and Senate to . Others, including Republican Senator Mitt Romney of Utah, also support making the credit permanent, saying it could lift millions of children out of poverty.
If it withstands an increase in the minimum wage: Some senators continue to look for ways to, which currently stands at $7.25 per hour. In his speech to Congress, Biden called on lawmakers to raise the minimum wage to $15. Sens. Romney and Kyrsten Sinema have also proposed a pay rise. Some proponents want to set the bar at $15 an hour, but others want to go to $11 an hour. A February report from the Brookings Institute shows how a $15 minimum wage could help make 37% of American households financially self-sufficient.
If it extends federal unemployment benefits beyond September: In addition to recurring payments, some lawmakers had originally filed a request to extend federal unemployment assistance this year after Labor Day. However, like dozens of states, many Democratic members of Congress are now skeptical about allowing the increased unemployment relief to continue beyond the September expiration date, as Politico reported in early May.
This is how you report a. And this is what we know about the that will help you get money with the child discount.