There’s good news for those looking for another $1,400 stimulus payment from the federal government. More similar payments seem to be on the way, in addition to the three smaller stimulus checks we already know about and which are due shortly.
In terms of the latter, the next one will take place a week from Friday, on October 15. Meanwhile, some of you will be receiving an unrelated stimulus check in addition to the six total child tax credit installments. It’ll arrive in 2022, and here’s all you need to know about it.
Selected Group Of Americans Could Get New, $1,400 Stimulus Checks (Photo: Philadelphia Inquirer)
Some Americans Might Receive a $1,400 Stimulus Check in 2022
Most American families received a third stimulus check as part of the $1.9 trillion relief package signed into law by Biden in March. However, certain families are due up to $1,400 in additional funds. Insider and Fortune reported that qualified parents of 2021 infants would get a stimulus check when they submit their tax returns next year.
Because the $1,400 checks were issued based on the most recent tax return, they did not cover 2021 births. As a result, the check will be applied to the tax returns of the parents and guardians in 2021. Taxpayers would, of course, still need to fulfill the income standards. Americans may check these qualifying requirements here.
State-Issued Stimulus Checks Might Stay
SFGate said Golden State residents will have one last opportunity on Friday to file their tax returns and receive their second state-issued stimulus check. Authorities made California’s second COVID-19 stimulus check available to almost two-thirds of the state’s residents.
California isn’t the only state that has implemented its own direct payment program. Maryland gave a stimulus check as well, while CBS News said Texas and Florida each granted a round of teacher pay raises. State payments, which are equivalent to national checks, are quite popular. State-level checks might last long after the pandemic is over, because of their popularity and political concerns. After all, SFGate said California Gov. Gavin Newsom issued this second round during his recall election campaign.
Will Congress Pass a Fourth COVID-19 Stimulus Check?
Jen Psaki, the White House press secretary, told reporters that a fourth check was not on the administration’s plan. The official said (per Forbes) that the checks “were not free.” CNBC reports that the federal government spent roughly $400 billion on the previous batch of $1,400 checks. North Dakota, Rhode Island, South Dakota, Montana, Alaska, Wyoming, and Vermont have a total GDP of little over $350 billion.
Second, the economy is now doing considerably better. Fred Research Data said the economy has gained 17.4 million jobs since May 2020. The September unemployment rate of 4.8 percent is somewhat lower than the 5 percent level deemed “full employment” by economists in the past. And it’s a long way from April 2020s 14.8 percent rate.
More Stimulus Checks? Not Until Next Recession!
University of Michigan researchers said the checks were associated (per New York Times) with a decrease in recipients’ financial insecurity. However, the economic gains aren’t the only reason why the COVID-19 recession’s stimulus cheques are set to remain a long-term policy. Instead, it’s the checks’ popularity and political clout.
Moody’s Analytics chief economist Mark Zandi told Fortune that the politics of it imply there will be future stimulus checks. During future recessions, policymakers will undoubtedly encounter pressure from certain people to give direct payouts, according to Zandi.
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