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\u00a0on March 12, 2021.<\/p>\n
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 \u2013 will there be a fourth round of stimulus checks?<\/p>\n
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\u2019t believe it\u2019s likely that we\u2019ll see a fourth round of stimulus checks, although there\u2019s a better chance that there will be more financial assistance in the form of tax breaks.<\/p>\n
RELATED: Stimulus Checks & Your 2020 Taxes<\/a><\/p>\n The first round of stimulus checks was created and authorized by the Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act)<\/a>, 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.<\/p>\n 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).<\/p>\n RELATED: $1,200 Stimulus Checks Authorized by $2 Trillion CARES Act<\/a><\/p>\n The second round of stimulus checks was created and authorized by the COVID-Related Tax Relief Act of 2020<\/a>, 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.<\/p>\n The second stimulus bill renewed some of the benefits that were originally created by the CARES Act \u2013 including a second round of stimulus payments, extended unemployment benefits of $300 per week, additional funds for the Paycheck Protection Program (PPP)<\/a> 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.<\/p>\n RELATED: Second Stimulus Checks \u2013 When, How, and How Much<\/a><\/p>\n The third (and most recent) round of stimulus checks was created and authorized by the American Rescue Plan<\/a>, 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.<\/p>\n The American Rescue Plan covers a variety of programs \u2013 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 \u201c85% of American households.\u201d<\/p>\n 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.<\/p>\n RELATED: $1400 Stimulus Checks \u2013 3rd Round of Direct Payments Are on the Way<\/a><\/p>\n 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\u2019t received it yet. The IRS updates this platform once a day.<\/p>\n 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 \u201cGet My Payment\u201d tool on the IRS \u201cEconomic Stimulus Payment\u201d portal. The \u201cGet My Payment\u201d portal can be used to update your mailing address if needed.<\/p>\nStimulus Checks: Round 1<\/h3>\n
Stimulus Checks: Round 2<\/h3>\n
Stimulus Checks: Round 3<\/h3>\n
Check the Status of Your Stimulus Payment<\/h3>\n