Third stimulus check news summary: 4 April 2021

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Third stimulus check live updates: is a fourth payment coming, expected dates, plus-up payments, tracker

Stimulus check live updates: Sunday 4 April 2021

Headlines:

- Latest payment run took total third stimulus checks distributed to over 130 million, says IRS

- Social Security recipients will get their direct payment by Wednesday 7 April (full details)

- Most recent payment run included 'plus-up' checks (find out more)

- Democrats in Congress calling on President Biden to embrace recurring fourth check

- Another stimulus check would halve poverty in the US, according to research

- Track your stimulus check using the IRS' Get My Payment tool (more info)

- US covid-19 cases/deaths: 30.67 million/554,779 (live updates from JHU)

Related articles:

Republicans seek to trim Biden's infrastructure plans

According to a report from Bloomberg there is the possibility of bipartisan support for Joe Biden's infrastructure plans, but only if the US president is willing to trim the bill from its planned $2.25 trillion outlay. Senator Roy Blunt, for example, has stated support from Republicans could be forthcoming if the bill is pared down to somewhere in the region of $615 billion.

Stocks gain after bumper jobs data

Global stock prices rose to a 1 1/2-month high on Monday after data showing a surge in US employment while US bonds came under pressure on worries the Federal Reserve may bump up interest rates sooner than it has indicated.

US S&P500 futures traded 0.5% higher, maintaining their gains made during a truncated session on Friday though tech-heavy Nasdaq futures lagged behind, trading almost flat.

In Asia, Japan's Nikkei rose 0.8% while MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, with China closed for Tomb-Sweeping day and Australia on Easter Monday.

MSCI's all-country world index was almost flat but stood near its highest level since late February and within sight of a record high set that month.

The US labour department said on Friday that nonfarm payrolls surged by 916,000 jobs last month, the biggest gain since last August.

That was well above economists' median forecast of 647,000 and was closer to markets' whisper number of one million. Data for February was also revised higher to show 468,000 jobs created instead of the previously reported 379,000.

"There will be further improvements in April, as restaurants have started to reopen. People have expected economic normalisation to take place sooner or later but its pace seems to be accelerating," said Koichi Fujishiro, senior economist at Dai-ichi Life Research.

While employment remains 8.4 million jobs below its peak in February 2020, an accelerating recovery raised hopes that all the jobs lost during the pandemic could be recouped by the end of next year.

deese

Biden economic adviser says job growth goal of infrastructure plan

President Joe Biden's top economic adviser said on Sunday that the goal of the administration's infrastructure proposal is investment that will foster job growth in both the short- and long-term.

"What our plan says is, 'let's keep the economy going, let's see more job creation' - that's a really good thing for the economy," White House economic adviser Brian Deese said on "Fox News Sunday."

"But let's also think for the longer term, about where those investments that we can make that will really drive, not just more job growth but better job growth, not just job growth in the short term but job growth for long term, by investing in our infrastructure, by investing in our research and development, in a way that we haven't since the 1960s," he said.

Photo: REUTERS/Jonathan Ernst

SSI stimulus check payments will sent by 7 April

After waiting weeks to receive the relevant information from the SSI, the IRS announced last week that they would be able to begin processing around 30 million stimulus check payments for Social Security recipients. 

Payments for them and other non-filing Americans will go out the door on 7 April according to the IRS, meaning that direct deposit recipients should begin seeing the $1,400 in their bank accounts in the following few days. 

“Our teams immediately began processing data we received last week for federal benefit recipients. We know how important these payments are, and we are doing everything we can to make these payments as fast as possible to these important individuals,” said IRS Commissioner Chuck Rettig.

irs

How to set up direct deposit with the IRS

If your payment was sent but not delivered and returned to the IRS, consult the Get My Payment tool. You may see the message: “Need More Information,”. Click on the button that says “Direct Deposit,” then answer the series of security questions before completing the direct deposit form. At this point, you can enter a routing and account number for your current bank account, prepaid debit card or alternative financial product that has a routing and account number associated with it.

BS

What are the chances of a fourth stimulus check?

Plans for a fourth stimulus check are gaining support from Congress. A number of Democrats continue to push for a fourth check which would include recurring payments until the pandemic has waned. Newsweek report that 64 lawmakers are urging for a fourth stimulus check with recurring checks to follow. Earlier this month, 11 Senators, including Bernie Sanders and Elizabeth Warren, called for Joe Biden to extend unemployment compensation indefinitely on top of another round of checks.

AMERICAN RESCUE PLAN

What states do not allow the $10,200 unemployment tax break?

What states do not allow the $10,200 unemployment tax break?

There are 13 states that haven’t waived taxes on the first $10,200 of unemployment benefits, meaning taxpayers will need to pay state taxes on that income.

FOURTH STIMULUS CHECK

Recurring stimulus checks: how would they work and who is pushing for them?

Even though the IRS has not finished sending all the estimated 160 million direct stimulus payments, there are calls for a new round of stimulus checks, this time recurring. In a letter sent to President Joe Biden in March, Democratic Senators urged the White House to also extend unemployment benefits automatically.

“This crisis is far from over, and families deserve certainty that they can put food on the table and keep a roof over their heads. Families should not be at the mercy of constantly shifting legislative timelines and ad hoc solutions,” wrote Senate Democrats.

Read the full story on recurring stimulus checks.

CORONAVIRUS STIMULUS CHECKS

Third stimulus check: can I track my payment by mail?

It is estimated that around 127 million Americans have now received their stimulus check, most of those payments were issued straight into individuals’ bank account by direct deposit. Around 107 million payments were sent out in this way but the remainder have been mailed out through the post – either as a paper check or on a prepaid EIP debit card. Over 15 million paper stimulus checks (with a total value of nearly $34 billion) were mailed out by the United States Postal Service (USPS) and approximately 5 million prepaid EIP debit cards (with a total value of around $11 billion) have also been sent through the post to individuals’ home addresses – the address that is on file at the IRS.

Full story on tracking payment by mail.

With stimulus cash and jobs spike, US emerges as main engine for global economic recovery

Washington Post - Amid steady progress with coronavirus vaccinations, the US economy is gathering so much steam that its gains will not stay at home. Demand for goods and services this year is expected to spill well beyond US borders, making the United States the largest single contributor to global growth for the first time since 2005, according to Oxford Economics.

The US ascent ends - at least for now - China’s long reign as the principal engine powering the $90 trillion global economy.

Read the full story.

4 million more payments sent in latest round, IRS says

More than 4 million more stimulus checks have been disbursed this week as part of the third batch of payments, bringing the total number to 130 million, according to the Internal Revenue Service (IRS).

"This batch includes the first of ongoing supplemental payments for people who in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns," the IRS said in a statement on Thursday.

The people who received a 'plus-up' payment this week were likely in a situation in which their 2020 income was lower than their 2019 income and are now eligible for a bigger payment or had a baby or a dependent added to their 2020 return that qualified them for a bigger payment.

Full story.

How long will it take for my stimulus check to arrive?

In previous rounds of payments, some have had to wait weeks or even months longer than others for their stimulus check to arrive. Although the IRS has generally managed to cut out the administrative issues over time, the different distribution methods make delays inevitable for some.

The initial batch of 90 million payments that went out from 12 March were sent to eligible taxpayers who filed 2019 or 2020 returns - all of those payments were made by direct deposit which is by far the quickest method. The IRS sends the money directly to the recipient’s bank account, a method used for the majority of all stimulus check payments.

Paper checks and debit cards (also known as EIP cards) began processing on Friday 19 March and will continue to be sent by mail over the next few weeks. The EIP debit cards will need to be produced and distributed too, meaning that the process will take longer. In previous rounds these have started to arrive around a week after the physical checks.

Tracking your stimulus check: IRS' Get My Payment tool

Since the first payments left the treasury just over a week ago, some high street banks such as Fargo Wells have reported issues with their online banking, meaning that customers are unable to check if the payment has landed. Out of the 37 million payments to go out this week, 17 million will be through direct deposit into individuals' bank accounts, 15 million will be paper checks mailed to addresses on file at the IRS and around 5 million will be pre-paid debit cards also sent through the post.

If for some reason your stimulus payment has not arrived, the IRS “Get My Payment” tool will let you know the status of your stimulus check.

If you're waiting for your third stimulus check to arrive, you can track its progress using the IRS' Get My Payment portal.

dollars

Is a fourth stimulus check on the horizon?

A national poll carried out earlier this year found that 65% of voters would be in favour of a $2,000 monthly stimulus check for every American until the end of the pandemic. The proposal even has 54% support amongst Republican voters, particularly notable considering that not a single GOP representative or senator supported the last stimulus bill.

However it seems unlikely that stimulus checks will be included in the new bill, so soon after the previous round of payments. Ed Mills, Washington policy analyst at Raymond James, has said that he believes a fourth stimulus check is unlikely at this time, but suggested that other forms of direct support could be.

JB

Coronavirus resurgence a bigger worry than inflation - White House's Boushey

The United States is not at risk of a dangerous spell of inflation after a banner month of gains for workers, a top Biden economic official said on Friday, but the fast pace of business re-openings could cause a coronavirus resurgence.

"We must contain the virus in order to get the economy up and running, and people are seeing a lot more confidence," said Heather Boushey, a member of the White House's Council of Economic Advisers, after the administration ramped up vaccines and signed a $1.9 trillion stimulus bill.

"The question is are we moving too fast, too soon." A Labor Department report earlier on Friday showed the U.S. economy creating the most jobs in seven months in March, a report that could mark the start of the strongest economic performance this year in decades.

President Joe Biden's administration aggressively pushed a $1.9 trillion stimulus bill through Congress in his first weeks in office and is working towards a goal to have enough vaccine in stock to cover all of the country's adults by May.

A new plan from the administration released Wednesday would add more than $2 trillion in additional spending on infrastructure and other jobs over the coming 8 years.

Boushey said the administration has not yet produced its own estimate on how many jobs that effort would create because "it really does depend on how some of the details work out" as the administration negotiates with Congress. But she said a projection of the jobs that will be created will come "in the not-too-distant future."

Biden said Friday some studies show it could create 19 million jobs.

CORONAVIRUS STIMULUS CHECK

Fourth stimulus check: update on new relief bill

Fourth stimulus check: update on new relief bill

The IRS is still distributing the third direct payments, but a group of Senate Democrats are calling on Biden to introduce recurring stimulus checks in the upcoming economic package.

'Godzilla vs. Kong' sets pandemic record with $48.5 million debut

"Godzilla vs. Kong" muscled its way to a pandemic-era box office record, giving Hollywood studios and theatre owners alike hope that people are ready to return to the movies after a year of watching Netflix at home.

The tentpole, from Warner Bros. and Legendary Entertainment, generated $32 million over the weekend and $48.5 million in its first five days of release. That's easily the biggest debut since coronavirus hit. Prior to this weekend, "Wonder Woman 1984" had the biggest three-day start with $16.7 million, followed by "Tom and Jerry" with $14 million.

The results for "Godzilla vs. Kong" are especially impressive because the film is also available to HBO Max. subscribers for no extra fee. It's unclear how many people have streamed the movie.

IRS push for filers to do so digitally

With the deadline approaching for the tax return period, the IRS are encouraging customers/files to submit their data digitally.

More info:

CORONAVIRUS STIMUS CHECKS

IRS plus-up payment: what is it, how much is it and who gets it?

IRS plus-up payment: what is it, how much is it and who gets it?

Just before Easter, the Internal Revenue Service started sending out the third batch of stimulus checks, including "plus-up" supplement payments.

 

Biden economic adviser says job growth goal of infrastructure plan

U.S. President Joe Biden's $2 trillion infrastructure plan contains investment that will foster job growth in the short- and long-term, including child care funding so more Americans get back to work, his top economic adviser said Sunday.

Biden's blueprint to revitalize America’s infrastructure is designed to create more jobs and keep the economy going as the United States emerges from the coronavirus pandemic, Brian Deese, director of the National Economic Council, said in an interview with "Fox News Sunday." "But let's also think for the longer term, about where those investments that we can make that will really drive, not just more job growth but better job growth, not just job growth in the short term but job growth for long term, by investing in our infrastructure, by investing in our research and development, in a way that we haven't since the 1960s," he said.

Deese joined several Biden administration officials on television news shows on Sunday to promote the plan, which has drawn strong opposition from Republicans as too expensive and too liberal.

Wall St.

Wall St Week Ahead-High-flying market to take cues from infrastructure plans, upcoming earnings

U.S. President Joe Biden's massive infrastructure proposal and the upcoming corporate earnings season could offer investors fresh insight on the sustainability of a rally that has taken stocks to all-time highs.

The S&P 500 scaled 4,000 for the first time on Thursday and closed up 1.18% at 4,019.87, extending the benchmark index's gain to nearly 80% from lows in March 2020.

The rally has been driven by unprecedented U.S. stimulus measures and expectations that widespread vaccinations against covid-19 will spur an economic rebound.

Evidence of strengthening economic and corporate growth could support investor confidence after a quarter that saw solid stock gains but also a worrying surge in bond yields and pockets of market volatility, including the wild ride in GameStop shares and the meltdown of highly leveraged family office Archegos Capital.

Investors also are set to get a snapshot of how companies are performing a year after the onset of the pandemic when corporate earnings kick off in earnest in mid-April.

dollar

Dollar edges higher on strong U.S. labor report

The dollar and the yield on the benchmark Treasury note edged higher in light trading after data showing a surge in the hiring of Americans in March pointed to a U.S. economic recovery that is poised to be the strongest in decades.

Equity markets were closed for Good Friday in the Americas, Europe and elsewhere, but it is not a U.S. government holiday and the Labor Department released the closely watched non-farm payrolls report.

The U.S. economy added 916,000 jobs in March, more than economists' forecast of 647,000, and the unemployment rate fell to 6.0% from the previous month's 6.2%. Jobs numbers for February were revised upwards according to the jobs report.

A fourth stimulus check would reduce poverty

Last week, congressional Democrats sent a letter urging President Biden to back a fourth round of stimulus, including recurring payments. Over 50 Democratic members of the House and 21 Senators that are calling on the White House to include recurring direct payments to struggling Americans for the duration of the covid-19 pandemic induced crisis.

What you need to know about the 2021 Child Tax Credit 

The enhanced Child Tax Credit will only be available for the 2021 fiscal year if it isn’t permanently extended. Democrats hope that the popularity of the enhanced tax provision will create the momentum necessary to get that done. However, if the enhancement expires the credit will return to its previous state until 2025, when it will once again be reduced to the level before the Tax Cuts and Jobs Act of 2017.

Child tax credits and shared custody: Can each parent qualify for the same child?

With the first two stimulus checks, parents who were not married but shared joint custody of a child could each receive a payment for the same child if they alternated years claiming the child on their tax returns. That loophole has been addressed and is no longer valid for the third, current round of stimulus checks. 

So parents who share custody of a child will not both be able to claim the tax credit. Only one person can claim the credit for a given child and if you incorrectly claim a child this year, you may have to repay all or part of the payment next year.

SSI stimulus check payments will be sent by 7 April

After waiting weeks to receive the relevant information from the SSI, the IRS announced last week that they would be able to begin processing around 30 million stimulus check payments for Social Security recipients

Payments for them and other non-filing Americans will go out the door on 7 April according to the IRS, meaning that direct deposit recipients should begin seeing the $1,400 in their bank accounts in the following few days. 

“Our teams immediately began processing data we received last week for federal benefit recipients. We know how important these payments are, and we are doing everything we can to make these payments as fast as possible to these important individuals,” said IRS Commissioner Chuck Rettig.

No stimulus check for veterans this weekend

If you are a US military veteran receiving a VA disability allowance or pension, you may need to wait a few more weeks to get your third $1400 stimulus check. The IRS said it is reviewing information for Veterans Affairs benefit recipients and expects to determine an official payment date soon for veterans who don't usually file taxes.

The IRS said those who received veteran benefits in 2020 will automatically qualify for a payment and won't need to take any additional steps to receive their payment - personal information will be sent to the IRS by the VA. The IRS said it is working with the Veterans Affairs Department to make the payments. However, non-filers are being told they need to file a 2020 tax return if they have dependents that the IRS doesn't know about -  for example, a dependent who didn't qualify for the first stimulus check or a new baby born in 2020 or 2021.

CORONAVIRUS STIMUS CHECKS

IRS plus-up payment: what is it, how much is it and who gets it?

Just before Easter, the Internal Revenue Service started sending out the third batch of stimulus checks, including "plus-up" supplement payments. We explain what "plus-up" supplement payments are and who is eligible to receive them.

Read more

Stimulus checks lead to rise in charitable giving

The stimulus checks distributed in the US during the coronavirus pandemic have contributed to a rise in charitable donations, according to a report by MarketWatch.

MarketWatch notes that charitable giving increased by 10.6% between 2019 and 2020, quoting Woodrow Rosenbaum, the chief data officer at fundraising campaign Giving Tuesday, as saying there was a "measurable spike" in $1,200 and $2,400 donations to charity when the first stimulus check was sent out in April 2020.

"This suggests that at least some people were donating their entire stimulus check to charity at that time," Rosenbaum said.

Around 4.2 million people told a poll conducted by the US Census Bureau in the first half of March that they had used their third stimulus check to make a charitable donation or had given their direct payment to family members.

CORONAVIRUS STIMULUS CHECK

IRS Tax Return: what to do to claim missing stimulus check?

If, despite qualifying, you did not receive one or both of the first and second stimulus checks, you can claim your money in your 2020 US tax return.

Find out how to claim your missing stimulus check

US NEWS

$1,400 third stimulus check: what is "IRS TREAS 310 - TAX EIP3"?

When the third stimulus check arrives in the bank accounts of direct-deposit recipients, it appears with the reference "IRS TREAS 310 - TAX EIP3".

More details

US NEWS

$1,400 third stimulus check: do I qualify for a direct payment?

The eligibility requirements for the third stimulus check are very similar to those applied to the first and second direct payments.

Find out more

CORONAVIRUS STIMULUS CHECKS

Third stimulus check: can I track my payment by mail?

If your direct payment is arriving in the mail as a paper check or pre-paid debit card, you can track its progress.

Here's how

'Plus-up' payments in third batch of third stimulus checks

In its announcement on Thursday  that it had distributed a third set of third stimulus checks - totaling around four million - the IRS revealed that this batch of checks includes so-called ‘plus-up’ payments.

The agency explains that these supplemental payments are for people who "earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns".

The IRS adds: "These 'plus-up' payments could include a situation where a person's income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations."

CORONAVIRUS STIMULUS CHECKS

Third stimulus check: why is my payment being mailed by post?

Roughly two million of the third stimulus checks distributed by the IRS in last week's latest recent payment run were sent out by mail, in the form of paper checks or pre-paid debit cards.

If you're getting your check by mail, here's why.

CORONAVIRUS STIMULUS CHECK

Third stimulus check: how to check its status with the IRS Get My Payment tool

If you're waiting for your third stimulus check to arrive, you can track its progress using the IRS' Get My Payment portal.

Access the Get My Payment tool

Learn more about the Get My Payment tool

Stimulus checks section

Stimulus-check news: every AS English article

You can check out all of AS English's news articles on Economic Impact Payments in the US by going to our dedicated stimulus checks section.

You'll find information on when your third stimulus check is arriving and how to track it, as well as updates on a possible fourth check.

Check out all our content on stimulus checks

Stimulus check live updates: welcome

Hello and welcome to our daily live blog bringing you the latest information both on the third stimulus check, which sees qualifying Americans get up to $1,400, and on a possible fourth direct payment.

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