Will There Be a 4th Stimulus Check?
Is There Another Round of Stimulus Payments Coming?
On June 9, the federal government announced that the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service had distributed over 2.3 million additional Economic Impact Payments (a.k.a. stimulus checks) under the American Rescue Plan. This brings the total to more than 169 million stimulus payments that have been sent to people so far, representing a total value of approximately $395 billion since these payments began rolling out to Americans in batches on March 12, 2021.
Update: 4th Round of Stimulus Checks
So far, the federal government has authorized three rounds of stimulus checks as direct payments to individuals. However, there are millions of Americans to continue to be in financial distress because of the COVID-19 pandemic. Therefore, many people want to know – will there be a fourth round of stimulus checks?
Some lawmakers are pushing for more stimulus payments, including 21 Democrats on Capitol Hill who signed a letter to President Biden urging him to consider a policy for recurring stimulus payments. Despite this, many analysts don’t believe it’s likely that we’ll see a fourth round of stimulus checks, although there’s a better chance that there will be more financial assistance in the form of tax breaks.
RELATED: Stimulus Checks & Your 2020 Taxes
Stimulus Checks: Round 1
The first round of stimulus checks was created and authorized by the Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act), which was signed into law by President Donald Trump on March 27, 2020. This historic stimulus package allocated funds for a variety of COVID-related relief programs, including loan assistance for small businesses and stimulus checks for many Americans, among other legislative changes.
For the first stimulus check, the maximum payment for an individual was $1,200 (or $2,400 for married couples filing jointly). Most Americans received the full amount, however, some will received less. The amount of your payment was based on the most recent federal tax return you filed (tax year 2018 or 2019).
Stimulus Checks: Round 2
The second round of stimulus checks was created and authorized by the COVID-Related Tax Relief Act of 2020, which was signed into law by President Trump on December 27, 2020. This was the second major federal stimulus bill designed to help Americans struggling with the financial fallout from the COVID-19 crisis and lockdowns.
The second stimulus bill renewed some of the benefits that were originally created by the CARES Act – including a second round of stimulus payments, extended unemployment benefits of $300 per week, additional funds for the Paycheck Protection Program (PPP) for small business loans, and more. The second round of stimulus checks were worth up to $600 per qualifying individual, plus $600 for each eligible dependent child.
Stimulus Checks: Round 3
The third (and most recent) round of stimulus checks was created and authorized by the American Rescue Plan, which was signed into law by President Biden on March 11, 2021. This was the third major piece of federal legislation focused on COVID-related relief for struggling Americans.
The American Rescue Plan covers a variety of programs – including the third round of stimulus checks, extended weekly unemployment benefits, expanded tax credits, and more. While promoting this bill, President Biden declared that it would send stimulus checks to “85% of American households.”
The third stimulus check is worth up to $1,400 for each eligible person. For a single filer, the maximum amount they can get is $1,400. For a married couple that files jointly, the maximum amount they can get is $2,800. Additionally, if you have a qualified dependent, you can qualify for an extra $1,400 for each eligible dependent.
Check the Status of Your Stimulus Payment
The IRS provides an online tool that allows you to check the status of your COVID-19 stimulus payments and see when your check will arrive, if you haven’t received it yet. The IRS updates this platform once a day.
To find out when your stimulus money will be sent to you, and whether it will be by Direct Deposit or a mailed paper check, use to the “Get My Payment” tool on the IRS “Economic Stimulus Payment” portal. The “Get My Payment” portal can be used to update your mailing address if needed.
Most people receive their stimulus check via Direct Deposit, which means the IRS will deposit the money directly into your bank account. If the IRS does not have your bank information on file, then you will be sent a paper check or prepaid debit card in the mail.
Updates will be published as they become available. Please continue to check IRS.com for the latest COVID-19 stimulus information.