The United States government launched the American Rescue Plan Act to provide financial assistance to citizens who urgently needed it due to the coronavirus pandemic. A fourth round of stimulus checks, however, is not likely to be received by eligible beneficiaries anytime soon. The reason being the third round of stimulus checks remains in force and is still being distributed.
In the last six weeks, 2.2 million stimulus checks from the third round were sent out and will continue to be given to the eligible beneficiaries in the coming weeks. A total of 171 million stimulus checks have already been disbursed. According to the Treasury Department and Bureau of the Fiscal Service, the amount spent for such stimulus checks has reached $400 billion.
The third round is a plus-up payment for the U.S. citizens who did not qualify for the full $1,400 amount because of their 2019 taxes. This is said to cover around 900,000 people. For citizens who did not get the full amount and do not know how to, they must fill in a tax return showing an adjusted gross income of $75,000 or less. For those filing a joint return with their partner, the adjusted gross income must be $150,000.
The Biden administration did not announce any confirmation on a fourth stimulus check as of yet. According to sources, the administration believes that this is “too soon” since stimulus checks, as part of the third round, are still being sent out.
Biden did say, however, that the administration is listening to the proposals from Congress on the matter. Also, Democratic Senators Elizabeth Warren of Massachusetts, Ron Wyden of Oregon, and Bernie Sanders of Vermont already sent a letter to the president, requesting recurring direct payment and automatic unemployment insurance extensions to those affected. Fifty-three other representatives sent the same proposition.
Experts are saying, though, that a fourth stimulus check is unlikely. This opinion is because of the vaccine rollouts at a quicker pace. Since more people are vaccinated, the nation’s economy is expected to recover soon as more businesses will open and more jobs will be created.