Up to now, there have been three rounds of stimulus checks in the United States. As COVID-19 continues to affect the economy, the question of a fourth stimulus check has risen. So, will there be such a check? here is the answer.
The COVID-19 pandemic turned the world on its head three years ago. The pandemic created a global health crisis, with a financial crisis that soon followed. Many people who had job security lost their income or had to cut back on work hours. As a result, many households across the world did not have enough cash flow to sustain them.
Financial aid programs were launched by governments around the globe, the USA included, and they gave much-needed relief to those who were affected by the pandemic. As of 2022, the US government, along with the IRS, send out three stimulus checks. As of today, no fourth stimulus check will be sent out. However, there will be a second round of the third stimulus checks for parents and guardians. Who is entitled to this “bonus round” and how much will they receive? Here are the answers.
What is the “bonus round’?
The third stimulus check was sent to eligible taxpayers in the country. On this list were parents and guardians to dependents 17 years of age and younger. The checks were sent to eligible qualifiers, based on data from 2020. So, people who have had babies in 2021 did not receive the third check or receive a partial payment. Recently, the IRS announced that it will send checks to parents and guardians to children born in the past year.
How much will eligible recipients receive?
To receive the additional third stimulus check, parents/guardians must fall in these categories:
- Single taxpayers with an annual income of $75,000
- Married/joint filers with an annual income of $150,000
The first group is set to receive a check for the sum of $1,400. The second group will receive a check for $2,800.
How to get the check?
Those who qualify to receive a third stimulus check need to fill out a 2021 tax return and get a ‘letter 6475 from the IRS.
What about the rest?
The pandemic is still affecting the financial status of many people in the country. However, there is no plan to send a fourth stimulus check. The federal financial aid program came to a halt, and it is unclear if it will resume. However, there is talk of local (social or government) financial aid programs. It is possible that people will receive a financial boost in the upcoming months, but that remains to be seen.
Additional financial aid programs in 2022
There is no federal financial program for 2022. Some are pushing for such a program, but it seems that it will not happen. However, there is a silver lining, in the form of state financial programs. As the pandemic continues to affect the economy, many people still need a financial boost.
It is possible that certain states, if not all, will launch financial aid programs. So, there could be a fourth stimulus check in the works, but in a different capacity than the one we know.
The stimulus check programs have helped many households, as well as businesses, stay afloat during these times of financial uncertainty. A second round of the third stimulus check will benefit parents and guardians across the country, and it is possible that state programs will be launched down the road.
It is important to keep posted on local news and discover if you are entitled to additional funds. Go to stimuluscheck.io for additional data and updates about stimulus checks and everything related.