Will there be a fourth stimulus check? This is what is known
The omicron variant of covid is wreaking havoc on the still-rehabilitating US economy
The current dominant variant of covid-19, omicron, is causing major disruptions in the still-recovering US economy, which could mean new relief strategies such as new stimulus checks and tax credits for those most affected. In recent weeks, Washington lawmakers have begun to analyze new economic support, but mainly to small businesses, restaurants, and gyms that have been affected during the new wave of infections.
Congress has not debated new packages of direct payments to residents who file annual taxes because the pandemic is taking a different course than it did in 2020 and 2021 with the economy shutting down, job layoffs, and high unemployment rates.
From the above, nothing is clear yet; however, there are still extensions of payments originating from the American Rescue Plan Act that was approved last March and was promoted by President Joe Biden. One of the supports that may still be given this year, according to the considerations of the legislators, is the extension of the Child Tax Credit in advance monthly, which raised its amount from $2,000 dollars to $3,000 and $3,600 with the option of monthly payments.
Payments will also be sent for each new child registered on the next tax return and missing payments from old payments claimed. So far lawmakers are known to be working to pass the Build Back Better Act, which is tied to the proposed extension of the expanded child tax credit.
In 2021, children from eligible families received payments of up to $300 every month. Most payments were sent until December. This of course can only not happen until Congress approves it.
For their part, several states in the country still safeguard $90 billion dollars from the Rescue Plan to be used for the benefits of their residents and their own economies, such as work incentives, paid sick leave, vaccination incentives, reinforcement for health insurance, unemployment or for support to essential workers.
The use of the money is determined by each state and, according to the Rescue Plan, the money can be used in 2022.
In addition, schools have an unspent $120 billion set aside that could be invested this year for the benefit of students at all levels.
USAToday says it is very unlikely that a fourth stimulus will be sent out. So we would recommend that you hold back a bit especially when viewing videos on social media claiming that you might receive a $2000 stimulus payment.
