When Are The Next Stimulus Checks Going Out


Th Stimulus Check Direct Deposit Date

Next Round Of COVID Stimulus Payments Could Go Out As Soon As Tuesday Night

At this stage there is not formal date or funding for a fourth stimulus check, but if economic growth slows or the Delta Coronavirus strain spreads more than expected, then it would not surprise me to see another stimulus payment around Thanksgiving 2021. Ill monitor updates and post if more news comes to hand.

You can stay connected via the subscription options below. Also please review the many comments at the end of this article for tips and FAQs around the stimulus payments.

Stimulus Update: Will There Be A Fourth Stimulus Check From The Government

To refresh your memorywe’ve had three federal stimulus checks go out. But some lawmakers have pushed for another stimulus check to help Americans who are struggling to rebuild after COVID-19 and its economic impact. But with there being a surge in cases each time a new variant comes along, would a fourth stimulus check happen for everyone? Hard to say. A lot of people didnt think wed see a third stimulus checkbut we did.

With the economy and jobs both on the upswing, the need for a stimulus check is way less than it was at the start of the pandemic. And that might mean there wont be a fourth stimulus check for every American. So dont go checking your bank account. That is, unless you live in a state thats taking matters into its own hands.

Fourth Stimulus Check Of $850 Is Coming In June See Who Gets One

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The stimulus gods have rolled the dice again, and this time the lucky recipients live in the state of Maine. Residents there are in line for a relief check as soon as June, now that Gov. Janet Mills has signed a $1.2 billion budget into law.

Among other things, its features include funding for eligible individuals in Maine to get $850 checks, while the average household would get $1,700 in relief payments. In this post, well take a closer look at whos eligible for the payments. Which, by the way, are going out to around 858,000 people in the form of mailed paper checks .

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Pros Of Taking The Monthly Child Tax Credit Payments

  • You can use the money now. If youre having a hard time making ends meet, this is a great way to have extra cash flow to keep a roof over your head and feed your family.
  • You can keep more money in your own pocket during the year. And Im a really big fan of thatbut only if it doesnt create a tax mess for you when it comes time to file your 2021 taxes.
  • You dont have to jump through any extra hoops. If youve filed your taxes in 2019 or 2020 and want to get the advance child tax payments, you dont have to do anything else or sign up for anything. Youre automatically enrolled and are all set.
  • You wont have that lump sum. We know some people like to use their tax refund as a glorified savings account. They get a big refund and cant wait to spend it on something theyve wanted all year. But if youve been around here for a while, youve heard me tell you to set up your tax withholding so that youre getting the most money you can in your paycheck. Which means youll be getting less money in your tax return each year . But keeping more money in your actual paycheck means you can put your hard-earned dollars toward your goals now. Its silly to let the government hang on to your money until tax time. Its your money!

Are 4th Stimulus Checks Really Happening

When Next Wave Of Stimulus Checks Going Out

They arebut theyre not coming from the federal government like the last three stimulus checks did. This time, it all depends on what state you live in. Thats right, these fourth stimulus checks are being given out to some folks at the state and city levels now.

Back when the American Rescue Plan rolled out, all 50 states as a whole were given $195 billion to help fund their own economic recovery closer to home.1 Thats a lot of dough. But heres the catchthey dont have forever to spend that money. The states have to figure out what to spend the money on by the end of 2024, and then they have until the end of 2026 to use up all that cash.2 Those deadlines might sound super far away, but the clock is ticking here.

Read Also: What’s The Update On The 4th Stimulus Checks

Stimulus Spending Can Stabilize Demand

In the end, stimulus checks made the pandemic-era recession less severe, said Zachary Parolin, a research scientist at the Center on Poverty & Social Policy at Columbia University. The first two payments alone were found to lift more than 11.7 million Americans out of poverty, including more than 2 million seniors and 3 million children.

“In their absence, consumer demand would have likely been lower, threatening larger declines in employment,” Parolin said. Families spent the cash mostly on food and utilities.

As a result, he expects to see the checks again, too.

“If economic shocks put the economy at risk, then stimulus checks will certainly be a tool that the federal government considers applying,” he said.

Stimulus Checks Batch Payment Schedule Now Ended

If youre were eligible to receive the stimulus payment and getting it via direct deposit , it will be automatically deposited into the same account used in your most recent, 2019 or 2020, IRS processed tax return.

The payment appeared in your account summary as IRS TREAS 310 XXTAXEIP3 or something similar. Those who dont have bank details on file with the IRS and prefer paper check will get the stimulus checks mailed to them in 2 to 4 weeks. You can always check the IRS Get My Payment tool for the latest status of your payment.

Stimulus Check Activity
Batch 10 and Subsequent Batches May 14th and then weekly until the end of 2021

Don’t Miss: Third Stimulus Check File Taxes

Advance Child Tax Credit Stimulus Payments

The IRS has completed regular 2021 payments for the monthly $250 or $300 CTC payments to eligible tax payers for their dependents. You can see more on the payment schedule, issues and eligibility in this article, with the final schedule shown below.

Those who get paid via direct deposit should have gotten paid on or a day after the payment date. If you are getting paid via check or debit card, your payment may take up to a week longer. Monthly payments are worth roughly $15 billion in total are reaching nearly 35 million families, with around 86% getting paid via direct deposit.

CTC Monthly Payment Date
File a free return

Where Else Am I Eligible To Get The Next Stimulus Payment From

California Golden State Stimulus II: Next payments go out Oct. 5

This is an important question because many people are struggling still. States are giving out money to certain professions for their work during the pandemic. Tennessee, for example, is giving hazard pay of sorts to teachers who have worked full time during the COVID-19 outbreak. Florida is also rewarding teachers, as it has set aside $216 million for educators.

Two-thirds of Californians are eligible for new rounds of $600 checks. Maryland, New Mexico, Vermont, and Michigan are just some of the states that are giving back to essential workers and first responders. New York City may also be eligible for the next stimulus payment, as $65 million will help the taxicab industry and $1,800 artists may earn grants.

Read Also: How Much 2021 Stimulus Check

Other Help For Social Security Claimants

The Social Security Administration looks at the cost of living and makes any necessary increases to Social Security benefits.

This practice has been going on since the 1950s to offset inflation for people living on a fixed income.

The cost-of-living adjustment for 2022 increased to 5.9 per cent, one of the biggest on record.

The Social Security Administration is estimating that the number could rise by another eight per cent next year, but no official decision will come until later in the year.

It does mean about 70million Americans will almost certainly receive a significant monthly increase in their benefits in 2023.

However, based on the most recent Consumer Price Index report from the US Bureau of Labor Statistics, which showed inflation in June surging 9.1% from the previous year, the Senior Citizens League says the COLA for 2023 could be about 10.5%.

Keep in mind, despite the increases each year, high inflation has lowered Social Security claimant’s buying power by about 40 per cent since 2000.

What If I Got A Check But Wasnt Supposed To

Before you do anything, make sure youre really not supposed to get a payment. If youre sure, then youll need to return the money. And while youre at it, you guys, head over to the IRS Portal to opt out of future payments. This is super important! You dont want that payment to keeping dropping in your bank account when youre not supposed to be getting it.

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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

BLS-Labor Statistics

Biden Addresses Consumer Costs Inflation In State Of The Union Speech

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    Hawaii: $300 Rebate Payments

    In January, Gov. David Ige proposed sending a tax rebate to every Hawaii taxpayer. Taxpayers earning less than $100,000 per year would receive $300, and those earning more than $100,000 per year would receive $100. Dependents are eligible for the rebate, too.

    The Hawaii legislature has approved the rebate, but details for distribution havent been released. Payments may begin processing in late August, per the state Department of Taxation.

    Th Stimulus Checks Given Out To Teachers

    For other states, their fourth stimulus checks are taking on a new lookas teacher bonuses! Its no secret that teachers are the unsung heroes of our communities, and theyve been put through the wringer during the pandemic. To show them the appreciation that they more than deserve, some states are giving teachers a fourth stimulus.

    • Florida

    In Florida, teachers will be getting a $1,000 bonusalthough some of the details of who qualifies are up in the air. If youre a teacher in the Sunshine State, check with your district to see if you can get in on this.15

    • Georgia

    Georgia is extending the $1,000 bonus to both full-time teachers and administrators. Part-time teachers will still score a bonus of $500, and theres even a plan in place to give a bonus to pre-K teachers.16

    • Michigan

    Earlier in 2021, Michigan used a grant to pay bonuses of $500 to its teachers and $250 to school support staff. No word yet on whether theyll give out another bonus, though.17

    • Tennessee

    Our very own Tennessee is giving full-time teachers $1,000 and part-time teachers $500 to thank them for their hard work.18

    • Texas

    Now, nothing has happened statewide yet, but some districts in the Lone Star State are giving out their own bonuses. Districts are gifting things like 24% raises, a $500 bonus, and even a $2,000 incentive for some teachers to return to the classroom.19

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    State Residents Can Get Money From The State

    Remember, if you live in certain states, you are available to potentially get more money. California has begun sending out Golden State stimulus checks for $600. These are part of a $100 billion relief initiative. Round one of the checks went out at the end of August.

    In Michigan, if you are a teacher who worked in the school in the year, you have gotten money. They have sent out $3,000 to teachers who worked in a school. Other teachers and support staff received $500. Tennessee and Georgia followed suit with that, providing $1,000 to full-time teachers and administrators and $500 to part-time teachers.

    Vermont, New Mexico, Maryland, and Florida have also given out extra money to certain residents this year. Whether or not that will continue remains to be seen.

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    Stimulus checks to arrive as soon as next week
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    Bringing Inflation Under Control Is The Goal

    Over the course of 2021, many economists and policymakers at the Federal Reserve felt that the higher-than-normal inflation would be temporary. However, as the level of inflation continued to rise to new heights by the end of the year the consensus shifted, and the central bank decided to be more hawkish.

    In January the Fed announced that it would begin tapering its stimulus programs which have poured vast amounts of liquidity into the US economy. It has also helped the stock market reach ever greater heights.

    Additionally, the central bankers will start increasing interest rates, expected to begin in March, which have been at near zero during the pandemic. The Fed will have a difficult balancing act to pace the fiscal tightening without entrenching inflation by moving too slow or causing a recession if it moves too fast.

    Although another stimulus check could help people with the rising cost of living, the fear of driving inflation even higher by injecting even more money into the economy has silenced lawmakers calls to do so.

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    A Second Stimulus Check: Who Would Qualify

    While both parties, and the administration, seem to agree a second round of stimulus checks may be necessary, theres some debate over who should get them.

    In May, the Democratic-led House of Representatives passed legislation that would offer a potentially larger second stimulus payment than the CARES Act had provided. Under the HEROES Act, each household member would get $1,200, including children. The income thresholds would remain the same, meaning single taxpayers earning less than $75,000 and married taxpayers earning a total of $150,000 would receive the full payments.

    But McConnell has indicated a desire to decrease the income threshold for eligible recipients in new proposed legislation. I think the people whove been hit the hardest are people who make about $40,000 a year or less, he told reporters earlier this month.

    In late June, President Donald Trump signaled his support for additional stimulus payments, too, telling a reporter who asked about plans to give another cash payment to some Americans, Yeah we are. We are. He declined to say how much the additional coronavirus stimulus payments could be, though, or who they would go to. But members of the administration have indicated that additional stimulus relief should be more narrowly focused. White House economic adviser Larry Kudlow told Fox News in late June that theyd want to target those who lost their jobs and are most in need.

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