US stimulus checks: summary for 7 April

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Stimulus check live updates: Wednesday 7 April 2021

Headlines:

- IRS announce that over 156 million stimulus checks have now been sent

- Social Security recipients will begin to receive their $1,400 direct payment today (full details)

Veterans Affairs (VA) and Compensation & Pension (C&P) beneficies to get their stimulus checks on 14 April

- Federal Reserve suggest that around 26% of stimulus check funds have been spent by consumers

- Wall St treads water after record rally on economic rebound hopes

- G20 finance officials poised to back a $650 billion stimulus boost in the IMF's emergency reserves

- President Biden targets 19 April for wider US vaccine delivery

- Key Democrats in Congress calling on President Biden to embrace recurring fourth stimulus check (full details)

- Republicans may support Biden's $2.25 trillion infrastructure plan, but only if it is trimmed significantly

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

- US covid-19 cases/deaths: 30.8 million/556,528 (live updates from JHU)

Scroll through our related articles:

Help is here, says Pelosi about stimulus checks and vaccine rollout

House Speaker Nancy Pelosi visited the North East Medical Services clinic in San Francisco's Chinatown on Wednesday and spoke about the progress being made with the US Covid-19 vaccine roll-out as well as the stimulus payments which were included in the American Rescue Plan. "Vaccines in the arm, money in the pocket. Nearly 150 million checks have been sent - 150 million people have received their check. And nearly a trillion dollars, as part of this, has been put into the pockets of American workers. Within two weeks, nearly all adults will be eligible for the Covid-19 vaccine, within five miles of their home".   

85% of stimulus checks paid by direct deposit

The IRS reports that approximately 85% of the current round of payments have been made by direct deposit, up from 74% in the first round of payments and 77% in the second round.

Direct deposit payments are also more likely to be successfully delivered than checks or EIP cards sent through the mail, and the return rate of direct deposits is also lower than in previous rounds of payments.

Over 3.1 million Direct Express cardholders have received payment electronically, more than a half-million more than in previous rounds.  Making most of these payments to Direct Express cards enables cardholders, many of whom are unbanked, to receive their Economic Impact Payment the same way they typically receive their federal benefits.

Over $70 billion in unpaid rent was owed at the end of 2020

Around 11.4 million households in the US are estimated to be more than three months behind in their rent, or $6,000 each, according to Mark Zandi, chief economist for Moody’s Analytics. “These are low-income households,” he says. “They’ve probably already borrowed as much as they can from family or friends. They have no resources left.”

 

Payments to non-filer VA beneficiaries will be sent out on 14 April

The IRS continues to review data received from Veterans Affairs (VA), which covers veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments who don’t normally file a tax return.

If no additional issues arise, the IRS expects to begin processing these VA payment files at the end of this week. Because the majority of these payments will be disbursed electronically, they would be received on the official payment date of Wednesday 14 April. The IRS projects VA beneficiary payment information would be available in the Get My Payment tool this weekend, 10-11 April.

Face masks and other personal protective equipment are tax deductible

The Internal Revenue Service has sent out a reminder that personal protective equipment, such as face masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses.

The amounts paid for personal protective equipment are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer medical savings accounts (Archer MSAs), health reimbursement arrangements (HRAs), or health savings accounts (HSAs).

 

Line

When must states decide to offer tax break on unemployment benefits? 

As states grapple with the need to collect revenue while supporting their residents who have been hardest hit by the economic fallout, all but 12 states have now waived taxes on the first $10,200 of unemployment compensation. 

Is there a deadline to follow suit? 

Read more to find out here

Americans change allocation of stimulus check money 

Whether it’s $600, $1,200 or $1,400, Americans have been consistent in terms of how they’ve spent all three stimulus checks. But what’s changed is their allocation of saving versus spending, according to findings published Wednesday by the New York Federal Reserve. The New York Fed’s Survey of Consumer Expectations, a nationally representative, internet-based survey of about 1,300 U.S. households. 

Read more to find out what the NY Fed discovered at MarketWatch 

Biden

The new batch of $1,400 stimulus checks included more “plus-up” payments 

The Internal Revenue Service (IRS) announced on Wednesday that another 25 million stimulus checks, worth $36 billion, were sent out in the most recent tranche of direct stimulus payments.  The IRS has sent out four batches of $1,400 stimulus checks totaling more than 156 million payments. The latest included yet more supplemental payments.

Who is getting "plus-up" payments? Read here to find out.

The filibuster is a critical tool to protecting that input and our democratic form of government. That is why I have said it before and will say it again to remove any shred of doubt: There is no circumstance in which I will vote to eliminate or weaken the filibuster. The time has come to end these political games, and to usher a new era of bipartisanship where we find common ground on the major policy debates facing our nation.

Read more here

Joe Manchin III, Democratic Senator, West Virginia, excerpt from an op-ed in The Washington Post

How the tax code is rigged  

The American Rescue Plan provided everyday struggling Americans with expanded tax provisions to give them a leg up. The second act of President Biden’s Build Back Better plan is a $2.25 trillion infrastructure investment package dubbed the American Jobs Plan. In order to pay for this “generational” investment President Biden is proposing raising the corporate rate to 28% from the current 21%. 

However, during the economic crisis as several corporation saw windfalls, they still paid 0% tax. The Institute on Taxation and Economic Policy is holding a webinar Thursday to explain just how the tax code is rigged in their favor and how to unrig it.

Americans are squirreling away stimulus money 

Not all Americans are going on a shopping spree with their new found wealth. Even though consumer spending rose to 111.9% of pre-pandemic levels following the disbursement of the latest $1,400 stimulus checks according to Goldman Sachs, Americans are putting some money aside for the next rainy day.

IRS

An Amended Tax Return could qualify you for additional support

As the IRS continues to oversee the 2021 tax season the tax authority is automatically recalculating and refunding money to some early filers who did not take advantage of the new $10,200 unemployment tax break. 

Anyone who received jobless benefits during 2020 may now be eligible for the earned income tax credit and other federal programmes.

Here's everything you need to claim the support.

Children

When will the monthly Child Tax Credit start?

The new-look Child Tax Credit programme was one of the key inclusions of the American Rescue Plan, which President Biden hopes will provide much-needed support for families across the country.

However, the IRS are still overseeing the distribution of the third stimulus check and a busy tax season, sparking fears that the new CTC payments may be delayed.

Find out here when to expect the enhanced CTC to start going out.

Biden

How much would a fourth stimulus check be?

President Job Biden unveiled his vision for the future with his $2.25 trillion infrastructure investment plan, the American Jobs Plan. The ambitious plan intends to aid the US economic recovery and improve US competitiveness in the global market, but Democratic lawmakers say to truly build back the US economy more direct stimulus payments are necessary.

Democratic lawmakers have urged the White House to include recurring stimulus checks in the American Jobs Plan, although it looks unlikely to happen for the moment, find out how much lawmakers want the payments to be here.

Hiring

IRS intends to automatically refund taxed unemployment benefits 

Last year, over 23 million workers nationwide in the US made unemployment claims, including self-employed workers who qualified for unemployed benefits for the first time. This income needs to be reported on tax returns.

Some taxpayers who claimed unemployment benefits in 2020 filed their return before the $10,200 waiver on jobless aid was passed. What you need to know here.

Be on the watch out for stimulus letter from IRS 

The IRS has now sent out over 156 million stimulus payments included in the American Rescue Plan. The tax agency has sent out four batches of payments so far with weekly payments to go out throughout the year as the IRS processes 2020 tax returns triggering “plus-up” payments to taxpayers that haven’t gotten their full amount due.

After the IRS sends a stimulus payment, those who received a payment can expect a letter telling them how much they were sent. You’ll want to hold on to that letter, but if you already tossed it don’t worry. Find out more below. 

Biden’s stimulus package included expanded EITC, do you qualify? 

A valuable tax credit expansion was included in the American Rescue Plan that taxpayers may want to look into. The Earned Income Tax Credit was changed for 2021 only but more people will be able to take advantage of it. The EITC was expanded by decreasing the minimum age for childless claimants from 25 to age 19 or for a student to age 24, or age 18 for a qualified former foster youth or a qualified homeless youth. 

The maximum credit for a childless claimant increased from $543 to $1,502, and the amount of the income at which the credit is maximized is increased from $7,100 to $9,820. The phaseout amount is increased from $8,880 to $11,610. 

A permanent change to the credit increases the investment income test from $3,650 to $10,000 for 2021 and is adjusted for inflation after 2021. The credit is also allowed for separated spouses if certain requirements are met. 

Find out more about how to qualify for the EITC.

Yellen

Yellen says more work needed to shore up weaknesses revealed by pandemic

US Treasury Secretary Janet Yellen said a rapid recovery in the United States would boost overall global growth, but more work was needed to shore up weaknesses the covid-19 crisis exposed in the non-bank financial sector, global supply chains and the social safety net.

Yellen on Tuesday told leaders of the International Monetary Fund and the World Bank that the Biden administration had decided to "go big" with its covid-19 response to avert the negative "scarring" impact of long-lasting unemployment, adding that she hoped the US economy would return to full employment next year.

Biden’s covid-19 stimulus will boost economic growth 

The US economy will surpass its pre-pandemic size as growth reaches 6.4% this year, up 1.3 percentage points from the group's forecast in January, according to the IMF. The rebound will help the global economy expand 6% in 2021, an upgrade of 0.5 percentage points from the IMF's previous outlook. The estimates are broadly in line with Wall Street's expectations. 

"At $1.9 trillion, the Biden administration's new fiscal package is expected to deliver a strong boost to growth in the United States in 2021 and provide sizable positive spillovers to trading partners," the IMF said in a report.

French Finance Minister wants EU to match ambitious US stimulus package 

European countries’ support for their economies last year was on par with the United States. However, the European Union’s €750 billion ($881 billion) economic recovery plan pales in comparison to the new US stimulus package. 

The 27-nation bloc agreed on a landmark stimulus fund last summer, but EU governments are still submitting detailed plans on how they plan to spend money from the fund, which many still need to ratify. 

Speaking in Geneva last week French Finance Minister Bruno Le Maire said “Whatever we may think about it, the American stimulus plan shows ambition, and the return of US ambition is a good thing.” Adding “The best response to US ambition isn’t to fight it. It is to match it. Europe needs to challenge itself like America does.”

Jaime Dimon see growth from stimulus but warns it must be equitable 

Long-time JPMorgan Chase chairman and CEO Jamie Dimon in his annual shareholder letter said he sees strong growth for the world’s biggest economy. Thanks in large part to the US government’s response to the covid-19 pandemic which has allowed many consumers to build up savings.  

“I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the US economy will likely boom,” Dimon said. “This boom could easily run into 2023 because all the spending could extend well into 2023.” 

However, Dimon said that the nation was "totally unprepared" for the deadly pandemic. He warned that “the tragedies of this past year are only the tip of the iceberg — they merely expose enormous failures that have existed for decades and have been deeply damaging to America."  

On Biden’s American Jobs Plan the proposed $2 trillion infrastructure bill Dimon said if “spent wisely, it will create more economic opportunity for everyone.” 

"Politics is increasingly divisive, and government is increasingly dysfunctional, leading to a number of policies that simply don't work," Dimon wrote. "The fault line is inequality. And its cause is staring us in the face: our own failure to move beyond our differences and self-interest and act for the greater good."

Monthly stimulus payments may provide more than just a boost to income 

It’s well established that growing up in poverty correlates with disparities in educational achievement, health and employment. But an emerging branch of neuroscience asks how poverty affects the developing brain. Over the past 15 years, dozens of studies have found that children raised in meager circumstances have subtle brain differences compared with children from families of higher means. 

The enhanced Child Tax Credit which is expected to send out monthly payments to low- and middle-income families will mimic experiments that scientists have been performing. The program will give families up to $300 per month per child.

A breakdown of 4th batch of $1,400 stimulus check payments 

The IRS announced today the makeup of the fourth batch of Economic Impact Payments (EIP) that went out. It included: 

- Over 25 million payments, with a total value of more than $36 billion. 

- More than 19 million payments, with a total value of more than $26 billion, went to these Social Security beneficiaries. 

- Over 3 million payments, with a total value of nearly $5 billion, went to Supplemental Security Income (SSI) beneficiaries. 

- Nearly 85,000 payments, with a total value of more than $119 million, went to Railroad Retirement Board (RRB) beneficiaries. 

- More than 1 million “plus-up” payments, with a total value of more than $2 - billion. 

- 1 million payments, with a total value of nearly $3 billion, went to people for whom the IRS previously did not have information to issue an EIP. 

- Around 24 million were direct deposit payments and over 1 million paper check payments. 

- Payments will continue on a weekly basis going forward as the IRS continues processing tax returns from 2020 and 2019.

The IRS expects to begin processing these VA payment files at the end of this week with an official payment date of 14 April. Payment information would be available in the Get My Payment tool this weekend, 10-11 April.

Consumer spendiing surges after third stimulus check

According to Goldman Sachs, consumer spending rose to 111.9% of pre-pandemic levels following the disbursment of the latest $1,400 stimulus checks, giving an undoubted short-term boost to the US economy...

Santa Barbara resident invests stimulus money in community fruit garden

While many Americans have decided to invest in stocks or bitcoin, one Santa Barbara has decided to put his stimulus check towards a community fruit garden and is excepting donations towards the project...

Commerce Secretary discusses "American Jobs Plan"

US Commerce Secretary Gina Raimondo discussed the American Jobs Plan during a White House briefing this Wednesday. Several Democrats have called on President Joe Biden to include stimulus checks in the plan, but that looks unlikely to happen.

According to the White House: "While the American Rescue Plan is changing the course of the pandemic and delivering relief for working families, this is no time to build back to the way things were. This is the moment to reimagine and rebuild a new economy. The American Jobs Plan is an investment in America that will create millions of good jobs, rebuild our country’s infrastructure, and position the United States to out-compete China."

Uber announces its own $250m stimulus plan for drivers

Uber has announced it will invest $250 million on a one-time stimulus aimed at helping drivers get back on the road. The company said that the incentives will help welcome back existing drivers and “ensure first-time drivers do well as they learn the ropes.”

An Uber spokesman confirmed that over the coming months the company will issue payments that will be delivered in a range of incentives. In Austin, for example, drivers are guaranteed $1,100 if they do 115 trips, the company said. In Phoenix, drivers are guaranteed $1,775 if they do 200 trips.

“We want drivers to take advantage of higher earnings now because this is likely a temporary situation. As the recovery continues, we expect more drivers will be hitting the road, which means that over time earnings will come back to pre-Covid levels,” the company said.

 

 

CORONAVIRUS STIMULUS CHECKS

How many stimulus checks have been issued and what are the differences between them?

The IRS are currently distributing the third round of stimulus checks, which were included in the $1.9 trillion American Resuce Plan that President Biden passed last month. The $1,400 direct payments are the largest to date but they have different eligibility requirements to previous rounds, with those classed as 'high-earners' missing out this time around. 

We take a look at how Biden's stimulus check compares to the two offered by former President Trump, and how talks regarding a fourth stimulus check are progressing in Congress. 

Read more

Who got their stimulus check money today?

Nearly a month after the American Rescue Plan was signed into law, around 25 million Americans finally got their third stimulus check today as the IRS confirmed that a new round of payments landed.  Amongst those recipients were:

- More than 19 million payments, totalling more than $26 billion, went to Social Security beneficiaries, which include Social Security retirement, survivor or disability (SSDI) beneficiaries.

- Over 3 million payments, with a total value of nearly $5 billion, went to Supplemental Security Income (SSI) beneficiaries.

- Nearly 85,000 payments, with a total value of more than $119 million, went to Railroad Retirement Board (RRB) beneficiaries.

US economy feels the benefits of stimulus spending

George Eaton, senior online editor at the New Statesman, outlines the positive impact that the trillions of stimulus spending has had on the American economy. He predicts that the US is on course to exceed pre-pandemic projections by 2024, a staggering turn around considering the disastrous effect that covid-19 has had on the economy. 

Amongst that spending is the three rounds of stimulus checks, which have provided a considerable boost to consumer spending. It is hoped that as restrictions are lifted the stimulus check money will help to inject money into struggling businesses. 

CORONAVIRUS STIMULUS CHECK

Third stimulus check: when is the next wave of missing payments being sent?

Earlier today the IRS confirmed that a batch of around 25 million stimulus check payments had been deposited into reciepients' bank accounts, bringing the total number distributed to 156 million. However some groups are still yet to receive their direct payment, with Veterans Affairs (VA) recipients still missing out. 

The IRS have confirmed a payment schedule for some of the remaining groups, who can expect to start receiving the money next week. Here's what you need to know about upcoming payments and how to track your third stimulus check. 

Read more

Veterans Affairs stimulus checks will arrive next Wednesday

In their statement today, the IRS confirmed that over 156 million stimulus check payments have been made and clarified the status of some groups who have not yet had theirs. Amongst the latter were Veterans Affairs (VA) and Compensation and Pension (C&P) beneficiaries, neither of whom have yet had their third stimulus check. 

The IRS confirmed that both sets of payments are in the process of being distributed, and announced that recipients should receive the money in their bank accounts from Wednesday 14 April. 

How are the third stimulus checks being spent?

For now, it appears that much of the third stimulus check payments are not being spent and are instead being saved away. A study from Bloomberg found that 42% of stimulus cash is being saved by recipients, a slight increased compared to the two previous rounds of payment. 

Coming just two months after the emergency $600 stimulus checks were sent out in January, it is possible that Americans would have used that payment to cover any urgent expenses and are now able to save the $1,400 currently being distributed. The amount 'spent' has dropped to just 25%. 

How to get the stimulus check to homeless Americans

There are fears that it is too difficult for homeless people to apply for and receive the third round of stimulus checks, menaing they will miss out on vital federal support. Practically everyone who earns less than $75,000 per year and is an American citizen is entitled to the money, but without phones, internet access and a fixed address some of the most vulnerable people are missing out. 

This CNN reports takes a look at the problem, and how some groups are trying to register eligible Americans for a stimulus check. 

IRS confirms Veterans' stimulus check status

Recipients of Veterans' and other federal benefits programme have been missed out of previous rounds of stimulus check payments, but the IRS has now confirmed that the money is on the way. 

In the last hour a statement on the IRS website reads: "The IRS continues to review data received from Veterans Affairs (VA), which covers veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments who don’t normally file a tax return.

"If no additional issues arise, the IRS expects to begin processing these VA payment files at the end of this week. Because the majority of these payments will be disbursed electronically, they would be received on the official payment date of April 14. The IRS projects VA beneficiary payment information would be available in the Get My Payment tool this weekend, April 10-11."

Connfirmation that 156 million stimulus checks have been sent

The IRS have announced another milestone as they surpass 150 million stimulus checks. They had faced issues related to SSA recipients but those payments were made this morning. The statement reads: 

"Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing more than 25 million payments in the fourth batch of Economic Impact Payments from the American Rescue Plan.

"Today’s announcement brings the total disbursed so far to more than 156 million payments, with a total value of approximately $372 billion, since these payments began rolling out to Americans in batches, as announced on March 12."

White House to confirm that over 150 million stimulus checks have been sent

Bloomberg's White House correspondent Nancy Cook has revealed that the Biden administration will confirm shortly that over 150 million stimulus check payments have been completed. The new milestone comes as an estimated 30 million Social Security recipients, who had faced delays from the SSA, receive their $1,400 direct payments today. 

Stimulus spending could spark global trade boom

Governments around the world have been employing stimulus spending in an attempt to reignite covid-ravaged economies, and we are starting to see the signs of recovery in many regions. The trillions in federal support dished out by the US government alone has had a significant effect, with consumer spending boosted by the third round of stimulus checks. 

A study from Bloomberg suggests that this could have a sizeable impact on emerging economies, particularly those who are net exporters to the US and other major nations. 

CORONAVIRUS STIMULUS CHECKS

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

It is estimated that over 130 million Americans have now received their stimulus check, with an additional round of direct deposits making their way to Social Security recipients today. That nearly completes the electronic transfers, with the remainder 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 and with another 5 million prepaid EIP debit cards (total value of around $11 billion) have been sent to individuals’ home addresses. 

It is thought that those payments will be arriving by now but, as was the case in previous rounds of stimulus checks, there will likely be some issues with such a huge distribution task. Here's everything you need to know to check on the status of your paper stimulus check with the IRS' payment tracker. 

Read more

IRS confirms Social Security stimulus checks will arrive today

After administrative errors with the Social Security Administration, the IRS was finally able to make payments for SSI recipients and an estimated 30 million Americans will get their $1,400 payment today. The money will be paid in the form of a direct deposit into bank accounts. 

For more information on this round of stimulus check payments, and on why the SSA delayed the payment process in the first place, check out When will the IRS send stimulus checks to Social Security recipients?

Look after your stimulus check

Sen. Matt Lesser of Connecticut recounts finding an uncashed $1,400 stimulus check lying in the street, and how he was able to return it to the rightful owner. While the majority of Americans get their stimulus check payment in the form of a direct deposit into a bank account, those whose details are not on file with the IRS will likely get theirs as a physical check. 

The paper checks take longer to distribute so they will be the last to arrive and the IRS sent a large batch of them out last week. If you're still waiting for your payment, check out our handy guide on How to track the status of a paper stimulus check

Stimulus checks for stocks?

The previous two rounds of stimulus checks have been swiftly followed by some interesting trends in the stock market and cryptocurrency exchanges as many home investors look to make the most of their cash influx. The January round of $600 payments was credited with the staggering rise of so-called 'meme stocks' like GameStop and Blockbuster Videos. 

Here, Bloomberg Quicktake investigates how the most recent round of stimulus payments will be spent, and whether we are likely to see the same phenomenon this time around. 

CORONAVIRUS STIMULUS CHECKS

Third stimulus check: when will the IRS send them to Social Security recipients in April?

After weeks of delays the IRS predicts that Social Security recipients will finally get their stimulus checks today, after they were sent out last week. The extra wait is the result of an administrative error that saw the IRS unable to complete the payments until the SSA provided the relevant results. 

They set 7 April as the expected arrival date for the new round of payments and many Social Security claimants are reporting that their $1,400 payments have already landed. 

Read more

 

Social Security stimulus checks should arrive today

After weeks of delays, the IRS have confirmed that they expect stimulus check payments for around 30 million Americans to arrive today. Those affected are people who also receive some form of Social Security support after the SSA failed to provide the neccessary details to the IRS. 

The mix-up has left millions of the most vulnerable Americans without the vital support for weeks and has led to some calls for the Trump-appointed head of the SSA to resign, or be removed from his post by President Biden. 

UNEMPLOYMENT COMPENSATION

Florida Unemployment Benefits: phone number and how to claim

Florida Unemployment Benefits: phone number and how to claim

Florida’s unemployment rate has improved considerably since the depths of the covid-19 induced job loses but the state is still missing over 500,000 jobs.

 

Yellen

Yellen says more work needed to shore up weaknesses revealed by pandemic

U.S. Treasury Secretary Janet Yellen said a rapid recovery in the United States would boost overall global growth, but more work was needed to shore up weaknesses the covid-19 crisis exposed in the non-bank financial sector, global supply chains and the social safety net.

Yellen on Tuesday told leaders of the International Monetary Fund and the World Bank that the Biden administration had decided to "go big" with its covid-19 response to avert the negative "scarring" impact of long-lasting unemployment, adding that she hoped the U.S. economy would return to full employment next year.

CORONAVIRUS STIMULUS CHECKS

Fourth stimulus check: how much would it be according to current proposals?

Fourth stimulus check: how much would it be according to current proposals?

Democratic lawmakers have urged the White House to include recurring stimulus checks in the American Jobs Plan, but that looks unlikely to happen.

Biden

Joe Biden targets 19 April or wider U.S. vaccine delivery

President Joe Biden has confirmed that the United States has administered 150 million covid-19 shots since he took office and move up by nearly two weeks a deadline to make the vaccines widely available, according to a person familiar with the matter.

Governors - Democrats and Republicans - are working with (the White House covid-19 response team) to accelerate the vaccination program," White House chief of staff Ron Klain said on Twitter.

G20 directors set to back $650 billion stimulus boost

Finance officials from the Group of 20 major economies are poised to back a $650 billion boost in the IMF's emergency reserves on Wednesday and extend a freeze on debt payments as part of an effort to help developing countries still struggling to combat the pandemic.

The G20 gathering, taking place virtually on the sidelines of the spring meetings of the International Monetary Fund and World Bank, will also give U.S. Treasury Secretary Janet Yellen a chance to press for a global minimum tax on corporate profits.

The IMF on Tuesday raised its 2021 global growth forecast to 6%, reflecting a rapidly brightening outlook for the U.S., but it warned that emerging market economies were lagging advanced economies. Pointing to a dramatic divergence between the outlook for the United States and much of the rest of the world, it said the pandemic threatened to reverse years of progress in reducing poverty.

IMF Managing Director Kristalina Georgieva told an event with Yellen and World Bank President David Malpass that richer countries should ensure low-income countries received coronavirus vaccinations for the sake of everyone. "We have no way to get through (this) without pulling together," she said.

Expanding the IMF's reserves, or Special Drawing Rights, would boost liquidity for all members, without adding to the debt burden of the 30-some countries already in or facing debt distress, finance officials and economists said.

IRS

How to use the IRS Get My Payment tracker app

The Get My Payment application offers a solution for those still awaiting the arrival of their Economic Impact Payments and can be downloaded for free via the Apple and Google Play stores.

More details

2021 TAX FILING

What happens if I forgot to file unemployment benefits in 2021?

What happens if I forgot to file unemployment benefits in 2021?

You may not be aware that you need to report any income received from state unemployment benefits on your tax return. Here’s what to do if you forgot.

Gita Gopinath (IMF)

IMF sees stronger global growth as some covid clouds begin to clear

The International Monetary Fund said on Tuesday unprecedented public spending to fight the covid-19 pandemic, primarily by the United States, would push global growth to 6% this year, a rate unseen since the 1970s.

The IMF raised its 2021 growth forecast from 5.5% less than three months ago, reflecting a rapidly brightening outlook for the U.S. economy, which the IMF now sees growing by 6.4% in 2021 -- the fastest since the early 1980s.

The U.S. forecast was raised by 1.3 percentage points from the IMF's 5.1% 2021 projection in late January and nearly double the rate it estimated last October.

IMF Chief Economist Gita Gopinath said the improvement was largely due to increased fiscal support, including a new $1.9 trillion U.S. aid package, accelerated vaccinations and continued adaptation of economic activity to overcome pandemic restrictions.

"Even with high uncertainty about the path of this pandemic, a way out of this health economic crisis is increasingly visible," Gopinath told a news conference.

However, she warned that the pandemic was still far from defeated and coronavirus cases were still rising in many countries.

Wall St

S&P 500 edges up to touch record for fourth day

Wall Street was little changed on Tuesday, with the Dow easing but the S&P 500 inching up to hit a record high for a fourth consecutive session, buoyed by more strong U.S. economic data.

U.S. job openings rose in February to a two-year high while hiring picked up. The data came on the heels of Friday's strong payrolls report and a report on Monday showing activity in the service sector climbed to a record high in March.

The International Monetary Fund raised its global growth forecast to 6% this year from 5.5%, a rate not seen since the 1970s.

CORONAVIRUS STIMULUS CHECKS

US stimulus check: what to do if I receive IRS money by mistake

US stimulus check: what to do if I receive IRS money by mistake

The third round of direct payments is being sent out but some Americans have reported getting the wrong amount from the tax authority. Here's how to check what to do.

CORONAVIRUS VACCINATION

When can I get my covid-19 vaccine in the US? where to check

When can I get my covid-19 vaccine in the US? where to check

In over half the states in the US any adult over 16 is eligible to get vaccinated. The White House has said that all adults will be eligible by mid-April.

Stimulus check live updates: welcome

Hello and welcome to our daily live blog on Wednesday 7 April.

We'll be with you throughout the day bringing you the latest information related to both the third stimulus check, which sees qualifying Americans get up to $1,400, and also on a potential fourth direct payment.

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