Fourth stimulus check news summary: 29 April 2021
US stimulus checks: latest news
Headlines:
- "Now, after just 100 days, I can report to the nation, America is on the move again" - Joe Biden addresses the nation in Congress. Full summary of the speech
- Possible fourth round of stimulus payments absent from Biden's speech
- Biden confirms Child Tax Credit extension to 2026
- Government money powers the US economy in the first quarter
- Seventh batch of IRS stimulus check payments to be made today
- US consumer confidence jumped to a 14-month high after stimulus check boost
- Missing stimulus check money? Here's what to do
- You can track your third stimulus check by visiting the IRS' Get My Payment portal
- Stay across all the US vaccine news (live blog)
- US covid-19: 32.26 million cases / 574,767 deaths (live updates from Johns Hopkins University)
Scroll through some of our related articles:
Biden says too-small Republican infrastructure plan would be a non-starter
President Joe Biden on Thursday said he planned to continue talks with Republican Senator Shelley Moore Capito about infrastructure and jobs, but would not accept a proposal that funded only a fraction of his $2.3 trillion package.
Biden told reporters during a visit to Georgia that he had a good call with Capito, the top Republican on the Senate Public Works Committee, who helped design a $568 billion, five-year Republican infrastructure package as a counteroffer.
He said he had offered to invite her to the White House in coming weeks with other lawmakers she wanted to include.
"She seemed positive about wanting to do something about it and serious about it," Biden said, although he said the two sides were still not in agreement on what exactly constituted infrastructure.
US economy accelerates in first quarter
U.S. economic growth accelerated in the first quarter, fueled by massive government aid to households and businesses, charting the course for what is expected will be the strongest performance this year in nearly four decades.
Gross domestic product increased at a 6.4% annualized rate last quarter, the Commerce Department said on Thursday in its advance estimate of GDP for the first three months of the year. That was the second-fastest GDP growth pace since the third quarter of 2003 and followed a 4.3% rate in the fourth quarter.
2m stimulus checks issued this week
The federal government said 2 million more $1,400 stimulus payments would be sent out this week. The Treasury Department said in a statement that a total of 163 million stimulus payments have been issued so far worth roughly $384 billion.
AOC says stimulus checks "almost did not happen"
Demoractic representative Alexandria Ocasio Cortez discusses the American Rescue Plan and Biden's new Build Back Better infrastructure plan, saying that "the infrastructure bill will be a key indicator on if the administration is keeping or raising its ambitions." Watch the video below...
Golden State Stimulus will not see Californians receive another stimulus check
It's been reported that California will not be distributing stimulus checks under its Golden State Stimulus program, a separate state stimulus from national program. Instead, any money Califronians are entitled to will be added to their tax refund or reduce theri tax due when they file theri 2020 state return.
Stimulus checks: every AS English article
A reminder that in our dedicated stimulus checks section you'll find a range of articles providing information on the third round of direct payments, and updates on a potential fourth check.
What ID can I use to cash stimulus checks?
If you want to cash your stimulus check you can do so at banks even where you are not an account holder or member, but you will need to bring ID.
Biden's American Jobs Plan and American Families Plan: visual overview
This New York Times graphic provides a useful visual overview of the provisions in President Biden's American Jobs Plan and American Families Plan - with the extension until 2026 of the expanded Child Tax Credit part of major proposed investment in tax credits aimed at providing economic support to American households, particularly those with children.
Third stimulus check: how to check its status with the IRS Get My Payment tool
If you're still waiting for your third stimulus check, you can track its progress using the Internal Revenue Service's Get My Payment tool.
$1,400 third stimulus check: what is "IRS TREAS 310 - TAX EIP3"?
Third stimulus checks are arriving in the bank accounts of direct-deposit recipients with the identifying reference "IRS TREAS 310 - TAX EIP3", or something similar.
$3,600 Child Tax Credit: how will it be affected by Biden's American Families Plan?
The recent American Rescue Plan, signed into law in mid-March, included a revolutionary overhaul of the Child Tax Credit that had been in place for decades. The new legislation transformed the credit into a monthly direct payment for families, worth up to $300 per month for children under six and $250 for those aged between six and 17.
The bill only included one year of funding for the new programme, which was expected to expire at the end of June 2022. However the American Families Plan will provide an addition burst of federal spending to ensure that the new programme can remain in place until at least 2025.
Fast food reportedly benefitting from stimulus checks
Everyone had their own plans for how to spend their third stimulus checks, but it appears that many have chosen to treat themselves after a bleak 12 months. Not only is the retail sector reporting a healthy increase on last year's figures but fast food restaurants like McDonalds and Dominos' Pizza are too.
There are still covid-19 restrictions in many states that limit indoor dining, but a takeaway option is clearly proving popular amongst some stimulus check recipients.
More support for the Child Tax Credit expansion
Last night President Biden announced his plans to extended the new Child Tax Credit (CTC) provision beyond its original one-year duration. If the American Families Plan is passed by Congress, the expanded CTC will be extended through 2025, a considerable increase.
That move has brought plaudits from Democrats in Congress, such as Sen. Michael Bennet her. THe White House are particularly optimistic about the CTC, writing in a recent fact sheet: "The expanded Child Tax Credit in the American Rescue Plan benefited nearly 66 million children, and it was the single largest contributor to the plan’s historic reductions in child poverty."
What has the IRS said to do to claim a missing stimulus check and when it's coming?
The IRS has been sending out the third round of stimulus checks at a blinding pace. The agency has so far sent around 163 million payments worth a total of $384 billion to eligible Americans.
However, if you never received the $1,200 or $600 stimulus checks and were eligible, the IRS urges you to file a 2020 tax return to claim the missing money. Likewise, if you think you didn’t get the right amount the only way the agency can correct it is to have the most current information on your economic and family situation, but time is running out.
Biden thanks DeLauro for her work on the Child Tax Credit
The expanded Child Tax Credit was passed less than two months into the Biden presidency, but the President has paid respect to the architect of the proposal: Rep. Rosa DeLauro.
DeLauro has been pushing for recurring payments for working families to help with the cost of childcare for years, and her efforts have resulted in a programme unlike any other in US history. Not only that, but the 12-month provision signed initially will be extended for a further four years after Biden announced an extension during his address to Congress on Wednesday evening.
Stimulus checks responsible for savings increase
The last two rounds of stimulus checks were distributed during the first few months of 2021 and it has had a notable impact on personal finance trends for the first quarter. Both the $600 emergency direct payments and the $1,400 third stimulus check were sent out after Christmas and has bumped up the savings pot for many. With a fourth stimulus check far from confirmed it is possible that Americans are choosing to save for the future now.
Will $3,600 Child Tax Credit arrive with third stimulus or fourth?
On Wednesaday President Biden set out his vision for the American Families Plan, which will focus on social spending for child care, universal pre-K, free community college and paid family leave. The White House is looking to fund the raft of measures through tax hikes on wealthy Americans and investors.
Included in the spending and tax package is a four-year extension of the changes made to the Child Tax Credit for 2021. The new-look Child Tax Credit is not expected to be up and running until July at the earliest, but has already garnered a lot of support from Democrats in Congress.
Stimulus checks spark economic boom
More than a year into the pandemic and the American economy is finally showing shoots of regrowth after trillions of dollars worth of federal spending. The latest figures from the Treasury Department found that the economy grew by 6.4% in the first quarter of 2021.
Following the distribution of the third stimulus check, consumer spending increased by 10.7% giving the retail sector a much-needed boost.
Will be there a fourth stimulus check? What did Biden say in his address to Congress?
On Wednesday evening President Joe Biden gave his first official address to a joint session of Congress in which he outlined some key areas of focus for his presidency. He struck a very different tone to his predecessor and called for a considerable expansion of the state-funded safety net and a marked improvement in education.
His ‘big government’ agenda saw trillions worth of additional spending mooted, with an extension of the Child Tax Credit programme confirmed until 2026. However while Biden did make reference to the distribution of the third stimulus check, he did not have much to say about a potential fourth.
US economy benefits from stimulus spending
The stimulus checks have been a lifesaver for many who were struggling to make ends meet, but we are now starting to see the positive imapct that the $1,400 direct payments have had on the economy. Consumer confidence grew to a 14-month high in April 2021 as the third round of stimulus checks was sent out, giving new impetus to spending habits.
This report from the Wall St Journal reads: "Fueled by a flood of federal cash to households and rising vaccinations, the nation’s gross domestic product likely grew at a 6.5% seasonally adjusted, annual rate in the first three months of 2021."
A look back at Biden's first 100 days
The first 100 days of any presidency is always considered a milestone but for President Biden, who entered office with big plans to address the covid-19 pandemic, that period was particularly important. Here's a brief breakdown on what Biden has achieved, with the $1,400 stimulus checks likely the most popular with most people.
In addition to this he used his first joint address to Congress on Wednesday evening to announce the extension of the Child Tax Credit expansion until 2026. The 12-month programme will be made a five-year system if the American Families Plan is passed by Congress.
Biden Joint Session speech to Congress summary: covid, American jobs
On Wednesday evening President Biden gave his first address to a joint session of Congress, a flagship event in each presidency which is typically used to set the agenda for the coming years. Biden was expected to announce details of the American Families Plan and he duly did, along with an extension to the Child Tax Credit system.
There was also mention of stimulus payments but not the highly-anticipated fourth stimulus check that some will have hoped. The key takeaway appears to be that Biden's government will be taking a much more hands-on role, with tax increases for the wealthiest Americans used to fund federal spending.
What will the new Child Tax Credit mean?
President Biden announced a four-year extension to the new Child Tax Credit programme that is expected to be introduced from July, once the IRS has finished distributing the majority of stimulus check payments.
The plan is desgned to provide a more consistent stream of support for American families and is slated to halve the number of children living in poverty over the next 12 months. Here's what that could mean for a typical family...
Next wave of stimulus checks set to hit accounts
The IRS have confirmed that the next wave of stimulus checks will have started to land in bank accounts from Wednesday as they continue to make payments. They estimate that over 163 million stimulus payments have been issued so far, with a total value of roughly $384 billion.
Most of this batch of payments will be 'plus-up' stimulus checks, to provide the full entitlement to recipients who had been underpaid in the past. They are reflective of the tax return filings being processed at the moment and the IRS will continue to make them for the rest of 2021.
Child Tax Credit exension will be in the American Families Plan
As expected, President Biden used his speech on Wednesday evening to give the first official details of the final stage of his Build Back Better plan. He outlined the purpose of the American Families Plan, the roughly $1.5trn package that aims at helping working families across the United States.
The legislative package does not include a fourth stimulus check, as some had hoped, but will make the 12-month Child Tax Credit a five-year programme. Biden has faced growing calls for Dem lawmakers to make the monthly payments permanent, but they will have to be content with five years for now.
Biden gives GOP credit for third stimulus checks
Last night President Joe Biden gave his first address to a joint session of Congress, often called a State of the Union speech, in which he outlined his plans for the future. He also looked back on some of the successes from his first 100 days, namely the passage and distribution of $1,400 stimulus checks.
Biden, keen to strike a cordial tone, thanked lawmakers from both sides of the aisle for passing the American Rescue Plan. However, as NPR point out here, not a single Republican lawmaker voted in favour of the bill that provided the third round of stimulus checks.
What state has the highest and the lowest minimum wage?
State minimum wages vary widely across the United States, and when given a choice, voters overwhelmingly vote to increase
Reaction to "American Families Plan"
Analysing the "American Families Plan", Stephen Dover, Franklin Templeton's chief market strategist in California, said the effect of the tax package on markets is hard to measure for now.
"If it passes, I think it will have an impact on individual stocks that will pay a higher rate of tax or companies with founders that will pay capital gains and could sell stocks," he said. "I think investors are going to think about whether they want take their gains now and that creates the possibility of short-term volatility now."
Biden proposes sweeping new $1.8 trillion plan
In his address to the nation, Biden proposed the sweeping new $1.8 trillion plan in a speech to a joint session of Congress on Wednesday, pleading with Republican lawmakers to work with him on divisive issues and to meet the stiff competition posed by China.
He also made an impassioned plea to raise taxes on corporations and rich Americans to help pay for what he called the "American Families Plan" in his maiden speech to Congress.
He has also proposed nearly doubling the tax on investment income, which knocked stock markets last week.
Biden's first 100 days in charge
Analysis from CNN's Stephen Collinson on President Joe Biden's opening spell in charge
Biden's first 100 days in charge
Analysis from CNN on President Joe Biden's opening spell in charge
Biden: "America is on the move again"
U.S. President Joe Biden used his first joint address to Congress to plead with dozens of lawmakers in the room to work together and detailed a $4 trillion economic plan he said would make the country more competitive with China.
When are the plus-up payment coming? Is it separate from the third stimulus check?
Tax Day has been pushed back, but many in the US have already filed, knowing that their 2020 income would make them eligible for larger stimulus payments.
Economists expect US economy will fully recover from the recession in late 2023
The experts anticipate growth this year could top 7%, which would be the fastest since 1984. The economy contracted 3.5% in 2020, its worst performance in 74 years.
"Assuming vaccines remain effective against new variants of the virus, the economy should experience significant growth for the rest of the year," said Kevin Cummins, chief U.S. economist at NatWest Markets in Stamford, Connecticut.
"The combination of an extraordinary amount of fiscal stimulus, highly accommodative monetary policy, an extremely positive supply shock as the economy re-opens and a pile of excess savings to support consumption make us extremely optimistic about GDP growth in 2021 and 2022."
Government money seen powering U.S. economy in first quarter
U.S. economic growth likely accelerated in the first quarter, fueled by massive government aid to households and businesses, charting the course for what is expected to be the strongest performance this year in nearly four decades.
The United States' economy is rebounding more quickly compared to its global rivals, thanks to two additional rounds of covid-19 relief money from Washington as well as easing anxiety over the pandemic, which has boosted domestic demand and allowed services businesses like restaurants and bars to reopen.
Though the anticipated pick-up in gross domestic product last quarter would leave output just below its level at the end of 2019, the economy remains at least a couple of years away from fully recovering from the pandemic recession, which started in February 2020.
What has the IRS said to do to claim a missing stimulus check and when it's coming?
If you have missed out on a previous stimulus check or are still waiting for the third, time is running out to take action so you can get the money.
Biden raises minimum wage: how has it changed throughout history?
A new executive order will increase the minimum hourly rate for employees of the federal government to $15, benefitting roughly 380,000 low-income workers.
US stimulus checks live updates: welcome
Welcome to our live stimulus-checks blog for Thursday 29 April, bringing you the latest news on a possible fourth stimulus check, as well as up-to-date information on the third round of direct payments, which is a part of President Joe Biden's $1.9tn covid-19 relief bill.
We'll also provide info on other measures included in the aid package, such as enhanced unemployment benefits and the expanded Child Tax Credit, which gives households with children up to $3,600 per child dependent.