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The third stimulus package was finalized and distributed in March, with the IRS sending payments to more than 127 million Americans. But for many people, these funds still aren't enough to cover the financial hardships faced during the coronavirus pandemic. These individuals have already shifted their focus to the potential of another stimulus payment. And based on what lawmakers are currently proposing, your fourth stimulus check could look a lot different than the others. Keep reading to find out what changes have been suggested, and for more on the last stimulus check, If You Haven't Received Your Stimulus Payment Yet, You Need To Check This.
Some lawmakers are pushing for a fourth stimulus check in the form of recurring payments.
A group of more than 60 lawmakers—including Elizabeth Warren, Bernie Sanders, Alexandria Ocasio-Cortez, and Ilhan Omar—are pushing for President Joe Biden to consider making further stimulus payments happen as recurring payments, instead of a lump sum. Eleven senators wrote to Biden early in March saying, "We urge you to include recurring direct payments and automatic unemployment insurance extensions tied to economic conditions in your Build Back Better long-term economic plan," Newsweek reported. An earlier letter sent to Biden in late February by more than 50 House of Representatives members made a similar proposal, asking that any future relief package include recurring cash payments of equal payments for both adults and dependents that "continue until the economy recovers," as indicated by a copy of the letter provided by Politico. And for more on past payments, If You Never Got Your Last Stimulus Check, Experts Say Do This Now.
These lawmakers say Americans cannot wait months in between checks.
According to the House members who signed the letter to Biden in February, not only is "one more check is not enough" during the ongoing pandemic, but they also say that "many families cannot wait for eight months between payments."
"As we look at the coming year, 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," the letter states. "Recurring payments would provide a long-term lifeline to struggling Americans for the duration of this deadly pandemic."
The senators echoed the sentiment, writing in their letter that "families should not be at the mercy of constantly-shifting legislative timelines and ad hoc solutions." And for more up-to-date information, sign up for our daily newsletter.
President Biden has not discussed plans for a fourth stimulus payment yet.
President Biden has yet to discuss what a fourth stimulus check would look like, though the administration has begun plans for a stimulus sequel package, currently referred to as the Build Back Better plan. According to CNET, this package currently aims to invest in the nation's energy grid, transportation, broadband, and water systems, but it may not include stimulus checks. White House Press Secretary Jen Psaki told Fox News on March 28 that this package won’t even be fully unveiled until late April. And for anyone working on their taxes, If You're Waiting on a Stimulus Check, Read This Before Filing Your Taxes.
Many economists are not convinced there will be a fourth stimulus check.
If you're already yearning for that fourth stimulus check, you may want to lower your expectations. Many experts are not convinced that another payment will be sent out to Americans—even with the Build Back Better plan in the works. According to Fortune, a large number of economists agree that the economic crisis brought forth by the pandemic is nearing its end and strong economic growth is just around the corner. "These [new] packages will be designed to address long-term economic problems such as infrastructure, climate change, and the skewed income and wealth distribution. I wouldn’t consider these packages as fiscal stimulus, designed to support the economy in the short-term," Moody's chief economist Mark Zandi told Fortune. "I don’t think there will be a fourth round of stimulus checks." And for money you might be owed, If You’re Missing Money From Your Stimulus Payment, Check This Now.