Federal Funding Retention Bonuses
Several states have decided to use some of the federal money as retention bonuses for their teachers, as most schools are expected to open in-person this year, AS reported. The bonuses also act as a thank you for the particularly rough school year most teachers had to endure.
Florida allocated a $1000 check to most teachers and administrators, but controversy arose when Governor DeSantis notably left some educators out. The situation is still developing.
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Georgia has one of the more generous plans, with Governor Kemp authorizing all full-time teachers and administrators to receive $1,000 checks, with part-time teachers receiving $500. There is a plan underway to provide for pre-K educators as well.
Although a retention bonus like Georgia and Florida has not yet been outlined, Michigan sent out $500 hazard pay bonuses to its teachers earlier in the year.
Tennessees state government passed a bill in June that scrapped an expected 2% raise and replaced it with a $1,000 check it labeled as a hazard pay bonus to full-time teachers. Part-time teachers get $500. Eligible individuals will receive their checks by the end of the year.
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Child Tax Credit: ‘a Huge Difference To Working Families’
Former Congressman John Delaney has spoke to Yahoo Finance about the impact that the reformed Child Tax Credit could have on families hit by the pandemic. The new programme is set to begin from 15 July with a minimum of six months’ worth of monthly direct payments.
Any new stimulus bill would face an uphill battle in Congress. The Democrats hold both chambers by the slimmest of margins and any defections would doom President Bidens Build Back Better agenda. Republican support for new stimulus checks would be highly unlikely with many blaming stimulus checks and weekly federal pandemic unemployment booster payments for a shortage of workers in low wage jobs.
The most difficult battle would be in the Senate where Democrats would need the support of at least 10 GOP Senators to avoid a filibuster. The White House has been negotiating with Republican Senators to pass his infrastructure bill with a bipartisan vote, but there remains a yawning gap between the two sides, even after the most recent counteroffer from the GOP.
Greg Heilman digs into the detail of potential further stimulus payments.
Congress Previously Acted Quickly To Get Relief To Americans Affected By The Pandemic
When the US and the world were put on lockdown, millions of workers were confined to their homes sending the unemployment rate skyrocketing to 14.7 percent in April 2020. Congress acted rapidly to pass the 2020 CARES Act to get relief to businesses and households, including the first round of stimulus checks of up to $1,200 for eligible adults and $500 per qualifying kid under age 17.
Congress also passed generous enhanced pandemic unemployment benefits which kept households afloat where workers businesses were shuttered or they had to stay home because of pandemic-induced upheavals in their lives. Those benefits were extended in 2020 and again in 2021 but have now ceased, being seen by some as the reason behind a severe labor shortage in the US.
Two more rounds of stimulus checks were also passed in the interim of up to $2,000 in total. They are credited with supercharging the economic recovery which had begun to lag at the end of 2020 as a new variant caused infections to surge. But the last one has also been blamed for the current high rate of inflation.
Number of unemployed people per job opening unchanged at 0.6 in December 2021 #BLSdata
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Stimulus Check Update: $3600 Is Coming In 2022 And You Might Qualify To Get It
At this point in 2022, the stimulus check story is actually proceeding down two tracks. The first one to note is the obvious one the one everybody is interested in. It entails the possibility of all-new stimulus checks at some point this year. As in, will we get them or not? And when? Along those lines, everyone is still waiting to see what the Senate will do about the possibility of a year-long child tax credit extension. Something the body left unfinished as 2021 drew to a close, with West Virginia Democrat Joe Manchin saying in an interview that his crucial vote on the package would be a no, throwing the whole process into chaos.
With Unemployment Numbers Improving Don’t Expect A Fourth Stimulus Check
The stimulus checks were sent out at a time when the economy was stagnant, as a result of coronavirus restrictions. There was a need for a boost, but now the economy is recovering naturally.
The pre-coronavirus pandemic unemployment rate was 3.7% and it got all the way down to 3.8% in February 2022, so it’s basically back to what it was.
This is good news in general as more and more Americans are earning an income again, which reduces the need for another stimulus check in the view of politicians.
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Whats Next For State Stimulus Checks
Even with all these measures making their way through various legislatures, Americans remain crunched between what they need and what they can afford.
And while gas rebates and stimulus checks can help buffer the blow of rising prices, there are those who remain leery of sending out additional payments, especially with past pandemic relief programs believed to have contributed to our current rate of inflation.
Jaime Peters, assistant dean and assistant professor of finance at Maryville University in St. Louis, explains that for some lawmakers, inflation-related stimulus payments will simply feed the beast, putting even more money into the market where the supply of goods cant meet demand.
This creates a conundrum for families who are coming up short on the supply of funds to get the goods they need each day.
Which Cities Are Giving Out 4th Stimulus Checks
Thats rightcities are now getting in on the stimulus check action too . See if your town made the list:
Low-income residents of The Windy City have been given stimulus checks at random. You read that right. Chicago will give out $500 checks to 5,000 people each month throughout 2022. Theyll be selected at random for this stimulus lottery.20
- Los Angeles
Like Chicago, LA is handing out payments to low-income residents for a year. Their program, called BIG:LEAP, will give 3,200 randomly chosen people $1,000 each month.21
Pittsburghs program is called the Assured Cash Experiment and gives 200 low-income residents $500 each monthfor two years. The program will spend $2.5 million on lower-income zip codes.22
- Santa Ana
The close-by neighbors of LA are getting a stimulus program of their own called the Revive Santa Ana Resident Stimulus Program. It will give out $6 million to neighborhoods that fall below the poverty level in Santa Ana. Payments of $300 will be loaded onto prepaid debit cards and given out door to door to about 20,000 residents.23
Seattle has one of the more generous payouts on the list. The Seattle Relief Fund is a $16 million program that gives payments of $1,0003,000 to low-income residents of the Emerald City.24
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Are We Getting Another Stimulus Check In 2021
Whether we get another stimulus check in 2021 depends on how much momentum the proposals for more checks gain.
There are still some people who’ve not yet received the third stimulus check, but we’ve got a handy guide for what to do if you’re missing your stimulus check payment. It’s worth checking if you’re eligible for most recent stimulus check as it’s worth up to $1,400 per person.
The IRS has reported that taxpayers whose direct-deposit information is on file should have seen their payments reach their bank accounts in April. Those who are waiting on paper checks and debit cards can expect to receive their funds in the coming weeks.
If you have received the third stimulus check and feel it’s too low, then take a look at our guide to the stimulus check calculator as that can show you what your own eligibility looks like. Keep in mind that there are a few factors that will affect the amount you are due or have received.
Still Living Paycheck To Paycheck
While the stimulus checks and now-expired Child Tax Credit provided direct aid to families, “most federal aid programs miss the mark, and only reach a fraction of the intended recipients,” noted Greg Nasif, political director of Humanity Forward.
He added, “They barely functioned even before the pandemic and they leave parents with a full-time job navigating bureaucratic hurdles.” In his view, providing “speedy, efficient, direct cash support” is the best option for helping struggling families.
Many people never applied for unemployment benefits because they didn’t think they were eligible, while others may have given up due to long waits and other issues.
Even those who qualified for aid didn’t always receive it. Only 4 in 10 jobless workers actually received unemployment aid, according to a from economist Eliza Forsythe.
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How Likely Is A Fourth Stimulus Check
Don’t hold your breath, according to Wall Street analysts.
For one, the Biden administration has focused on infrastructure spending to spark economic growth, betting that an investment in roads, trains and other direct investments will help get people back to work and spur the ongoing recovery.
Secondly, economists have pointed fingers at relief efforts such as the three rounds of stimulus checks for contributing to inflation. Because Americans had cash in their pockets, they boosted spending on goods such as furniture, cars and electronics. Combine that with the supply-chain crunch, and the result was sharply higher inflation, according to economists.
Without new stimulus efforts on the horizon, it’s likely that inflation could moderate in 2022, according to Brad McMillan, the chief investment officer at Commonwealth Financial Network. “One cause of inflation has been an explosion of demand driven by federal stimulus,” he noted in a December report. “But that stimulus has now ended.”
He added, “Yes, we will continue to face inflation and supply problems, but they are moderating and will keep doing so.”
Unemployment Claims Have Almost Halved
President Biden posted a video on his Twitter account on Saturday in which he stated that when he came to office, the average figure for jobless claims stood at 830,000. According to a press release issued by the Department of Labor on Thursday, seasonally-adjusted number of unemployment claims fell to 406,000 for the week ending 22 May, a drop of 38,000.
The four-week moving average was 458,750, a decrease of 46,000 from the previous week’s unrevised average of 504,750 – the lowest level for this average since 14 March 14 2020 when it was 225,500.
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Will Lawmakers Provide A Fourth Stimulus Check
Dozens of lawmakers have pushed for recurring stimulus payments, but any hope was sidelined when lawmakers focused on the Build Back Better Act.
The social spending plan stalled in Congress late last year, as inflation gripped the nation.
Congress has since moved on to other issues and, currently, no talks about stimulus money are on the table.
It means Social Security claimants should not expect to get a $1,400 check.
Idaho: $75 Rebate Payments
In February, Idaho Gov. Brad Little signed a bill that allocates $350 million for tax rebates to Idahoans. There are two criteria for eligibility:
- Full-time Idaho residency and filed 2020 and 2021 tax year returns, OR
- Full-time Idaho residency and filed grocery-credit refund returns.
The payments began in March. Each taxpayer will receive either $75 or 12% of your 2020 Idaho state taxes, whichever is greater . The rebate is applicable to each individual taxpayer and each dependent.
The tax commission will first issue rebates to taxpayers who received refunds via direct deposit, then send paper rebate checks.
State residents can also check the status of their rebate online.
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These Professionals Will Receive Another Stimulus Check
The states and cities referenced above are issuing fourth stimulus checks to help in the pandemic. Some regions are also offering relief to specific professions.
- Teachers: Florida, Georgia, Michigan, Tennessee, and Texas are issuing stimulus checks to contribute to teachers in their state. Each state has its own criteria to aid their teachers and funds will either go directly to the teacher or to the school to support teachers and education.
- Front-Line Workers: Maine and Vermont are issuing stimulus checks to the personnel that worked in the pandemic.
- Healthcare Personnel:Missouri is aiding the people working in mental health facilities, nursing homes, and correctional facilities.
A Fourth Stimulus Payment Is Currently Not In Any Proposal
Researchers have found that the first three stimulus checks helped reduce hardships like food insufficiency and financial instability. So far, during the pandemic, eligible adults have received a max of $3,200 and children have received up to $2,500. For struggling families, that’s not enough to bounce back from lost wages and benefits.
Since the American Rescue Plan, the White House has proposed several packages, including the American Jobs Plan and the Build Back Better agenda, but those don’t call for more direct aid. President Joe Biden is “open to a range of ideas” regarding stimulus aid, according to a June statement by White House Press Secretary Jen Psaki, but he already put forward what would be “the most effective for the short term.”
The scaled-back compromise of the $1 trillion bipartisan infrastructure deal, which was agreed to in the Senate on July 28, doesn’t include anything related to “human infrastructure” — it doesn’t address child care, improved wages or job training. Instead, those elements are to be included in the proposed $3.5 trillion reconciliation package, which is likely to be scaled back. The White House has outlined its “Build Back Better Agenda,” incorporating lower health care costs, tax cuts and investments in teachers and schools. Senate Democrats are working on the economic plan, but the process of approving final versions of the bill in Congress could take a while.
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The Omicron Variant Didnt Slow Down Job Gains
Unlike last year though, when the Omicron variant pushed new infections to levels much higher than at any time during the pandemic, the US recorded significant job gains. Data collected in the middle of the surge reported 467,000 new hires, over three times what analysts had expected. Additionally, there are more job openings than there are workers available to take them pushing up wages as businesses try to attract employees.
On the other hand, 6 million people, nearly twice as many as in December, could not work or lost hours over the previous month due to the pandemic disrupting normal business at their place of employment. The incredibly fast rise in infections from the highly contagious Omicron variant fortunately appears to have reversed just as quickly.
Stimulus Check Missing Payment Issues Or Errors
The IRS will also be mailing Stimulus Payment letters to each eligible recipients last known address 15 days after the payment is made. The letter will provide information on how the Payment was made and how to report any failure to receive the Payment. Note that the IRS or other government departments will not contact you about your stimulus check payment details either.
Why didnt I get a stimulus check? Remember that the IRS has to have your direct deposit details, which is normally only provided if you received a 2018 or 2019 refund. If you file a return and they cannot use their portal to add direct deposit details, then your payment will come via check which could take several weeks. At this checks will likely start arriving at your IRS registered address from the end of April.
Finally you will also likely be able to claim any missing payments in your 2020 tax return as a tax credit. All this unfortunately will mean delays in getting your stimulus payment until issues are worked through.
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Stimulus Update: Everything We Know About A 4th Stimulus Check In 2021
Will I be eligible to receive a fourth stimulus check? Will there be any more stimulus checks released in 2021? The federal government is not likely going to release a fourth stimulus check, but there are other ways you might be able to receive money from the government. Here is what you need to know. .
Will Americans be able to receive a fourth stimulus check in 2021?
The White House has not committed to another round of payments currently, but some congressional lawmakers are pushing for another stimulus check to be included in the next stimulus bill.
The Biden administration is working with Congress to get the next stimulus bill passed, but is largely leaving it up to Congress as to whether it would include stimulus checks.
The president is certainly open to a range of ideas, White House press secretary Jen Psaki said in early June. Hes also proposed what he thinks is going to be the most effective for the short term.