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Stimulus Update: Stimulus Update 4th Stimulus Check Plan
On Tuesday, the stimulus plan was finally released. Out of the total $700 billion allocated, around $300 billion has been earmarked for education, an increase of about 10%. Another 20% has been earmarked for health care reform, providing medical insurance to low-income Americans without it. Roughly, 80% of the stimulus has been allocated to the American people, with the remainder to tax cuts for small businesses.
The IRS has issued more than 169 million payments in the third round of direct stimulus aid. With more than 2 million people in July receiving the $1,400 checks. But some lawmakers are pushing for the fourth round of stimulus aid that would effectively send recurring payments until the pandemic ends. (Source: www.cbsnews.com)
Four stimulus checks will come in September.
A coming stimulus update in September will be mainly focused on four components. Home prices, payroll tax burdens, state and local government spending, and the federal deficit.
Child tax credit payments for families. A temporary expansion of the child tax credit for 2021 sends qualifying families up to $3,600 for each child. You can calculate your total here. The advance partial payments of up to $300 per dependent, which began this summer, are issued monthly (the next one comes on Sept. 15) through the end of the year, with final payment in 2022. (Source: www.cnet.com)
New $300 or $250 Tax Receipt Will Reach You This Week
You can expect checks in September, including the tax credit worth $250 for fuel efficiencies and the $300 credit for hybrid purchases. If you bought a hybrid vehicle in 2009, you can still be eligible for the credit.
A Change.org petition that has collected more than 2.85 million signatures calls on Congress. To send out a fourth stimulus check of $2,000 for adults. And $1,000 for children on a monthly basis for the remainder of the pandemic. The petition notes that "the recovery hasn't reached many Americans". And points to the need for immediate checks and recurring payments so that "we can keep our heads above water." While the Change.org petition is close to becoming one of the most popular on its website. Whether it will have any effect is another question. (Source: Stimulus Update.cnet.com)
What are the reasons for the renewed push for a fourth stimulus check?
The economy is still struggling and unemployment figures remain unchanged, and stimulus checks could be hard to come by for some households. The latter point is one of the reasons the government is urging families. Especially, those living in areas where rates of homeownership are lower. To see if they should fill out the $300 or $250 tax form. So they can receive a stimulus check one month earlier than expected.
Though there's plenty we still don't know and much up for debate. There could be additional cash in the pockets of Americans in the following scenarios: (Source: www.cnet.com)
$2,000 petition for $1,000
This petition has been circulating for a few months now. And is expected to be delivered to the White House in September. Providing a total of $2,000 in receipts from the ones that claim a $1,000 stimulus return in a qualifying check.
The Senior Citizens League is calling for a $1,400 stimulus payment to those receiving Social Security. Citing a recent survey, which found a vast majority of Social Security recipients have seen inflation far outstrip. The index adjusted increase to benefits this year, the payment is needed to alleviate the toll rising prices are taking on households. (Source: en.as.com)
The States that Will Receive the Next Fourth Stimulus
The state of Georgia is one of the latest states to have started to submit its stimulus check. Georgia is set to receive $500,000 in September. Georgia expects to receive an estimated 10,000 people who are still struggling to find employment after the economic calamity. Georgia anticipates this moving to 15,000 at the worst juncture, following the general population. Georgia was one of the three states that didn't receive a fourth stimulus check last September.
After recording a record $75 billion budget surplus for 2020, Gov. Gavin Newsom passed the California Comeback Plan to provide added impetus to the state's economic recovery. The headline inclusion in the package was a round of $600 stimulus checks which will go to two-thirds of Californians. Including some groups who have not previously been eligible for the payments. (Source: en.as.com)
The Fourth US stimulus check summary: 9 September 2021
The American Recovery and Reinvestment Act of 2009 was implemented by an economic stimulus package. And it has been credited as the main factor in America’s economic recovery and unprecedented employment rate. On September 9, 2021, we will be receiving a new $400 or $300 tax refund. And the only real difference is the generation of two checks. One for $400 and the other for $300. This is the fourth US stimulus check.
Agriculture Secretary Tom Vilsack announced earlier this week. That the government will be distributing a one-time $600. Pandemic relief grant payment to U.S. meat packers and farmworkers. As part of a new $700 million aid program. (Source: www.fool.com)
$600 payments are being made in the fourth stimulus update.
This is the third month in which stimulus checks are being paid out. You can now expect four checks to come in September this year, with the last check arriving in October 2020. The nine bills that were passed to facilitate the fourth loan will come into effect on 9th September. The three States that will be receiving this latest loan are California, Massachusetts, and Nebraska.
A plus-up payment is basically just a bonus amount that you probably should have gotten the first time. The IRS actually owes more money to some people based on their most recent tax returns. If they used your 2019 tax information to dish out your stimulus payment, but your 2020 taxes show they underpaid you. You might be in for a plus-up payment based on your income. But remember, this isn’t for everyone. Only those who had a change in income or dependents (like having a baby) would qualify for more stimulus money. (Source: www.ramseysolutions.com)