Will there be a fourth stimulus check? Who is pushing for it?
With the third stimulus checks already hitting bank accounts, attentions have turned to whether Joe Biden will approve of a fourth stimulus payment.
With the third stimulus check approved and already sent out to some 90 million Americans, many are wondering if a fourth payment could be on the way soon.
Democrats rejoiced after President Joe Biden signed the $1.9 trillion American Rescue Plan last Thursday, unlocking the much-needed $1,400 stimulus payment. But many in the party hope this will just be start. Two months ago, 50 Democratic members of the House of Representatives signed a letter asking President Biden to include recurring $2,000 stimulus checks in the bill.
"Another one-time round of checks would provide a temporary lifeline, but when that money runs out, families will once again struggle to pay for basic necessities. One more check is not enough during this public health and economic crisis,” stated the letter, which was signed by several progressive Democrat lawmakers including Alexandria Ocasio-Cortez and Ilhan Omar.
While recurring stimulus payments did not end up in the final bill, a fourth round of stimulus checks or recurring payments cannot be ruled out in the future.
Fourth Stimulus Check: Unlikely until at least October
However, it must be noted that Democrats were able to pass the third stimulus check without Republican support by using a mechanism called budget reconciliation, which requires only a simple majority in the upper house. But this process can only be executed once per fiscal year, meaning that Democrats would have to wait until after October 1 to use it again.
As such, if a fourth stimulus check comes, it will probably not come until then, as Democrats will unlikely be unable to count on Republican support for a fourth payment, despite the overwhelming approval another payment would have among voters.
But, of course, the hope is that in six months the economy will have rebounded, the majority of Americans will be vaccinated and the country will be on its way towards opening fully again, lessening the need for a fourth stimulus check.
Eligibility for $1,400 stimulus checks
Here is a breakdown of those who are eligible for the $1,400 stimulus check:
- Individuals with an adjusted gross income (AGI) under $75,000.
- Heads of household with an AGI up to $112,500
- Married couples filing jointly with an AGI under $150,000.
- Qualifying taxpayers will also receive $1,400 for each eligible dependent (including adult dependents)
- Smaller payments will be made to individuals with an AGI under $80,000, heads of household with an AGI under $120,000, and married couples earning under $160,000.-
- Anyone above those limits will receive nothing
- The payments are based on either 2019 or 2020 income, depending on when a taxpayer files their 2020 tax return.
How to track the payment status of your stimulus check
The IRS Track My Payment Tool is now available for this latest third round of stimulus payments, allowing you to check the status of your $1,400 check.