Fourth stimulus check latest updates – Biden says Americans will lose unemployment benefits if they turn down jobs

WE NEED THE MONEY

A recent Bloomberg report suggests that Aericans are in desperate need of this upcoming stimulus money.

The outlet reports that 7 in 10 Americans have been using their stimulus checks to pay for necessities — food, utilities, and day-to-day expenses.

What’s more, those same 7 in 10 Americans say that without a fourth stimulus check, their short-term finances will be in trouble.

While this figure is down from 8 in 10 Americans who felt this way at the start of the pandemic in March 2020, this still suggests that many Americans are in a precarious financial position, and that barring a fourth stimulus check, it will remain so.

WHERE IS THE STIMULUS MONEY GOING?

As many Americans sit on edge wondering when they’ll be getting a fourth stimulus check, a new report reveals where their current stimulus money is going.

The Federal Reserve Bank of New York is reporting that most people who receive a stimulus payment are either « socking it away » in savings or paying down debt.

Most of the debt was incurred during the pandemic, according to this same report.

LOSING HOPE

Americans are losing hope that a fourth stimulus check will ever be disbursed, if the latest tweets about the subject are to be believed.

Have a look at some of the messages of despair from Americans, below.

WHERE’S MY FOURTH STIMULUS CHECK?

As of this writing, there are no plans by the Biden administration to distribute a fourth stimulus check.

President Biden, as well, has not publicly come out in support of, or against, a fourth stimulus check.

It is also not clear how much a fourth stimulus check will be for, though supporters of the fourth stimulus check say they want the check to be for at least $1400.

Democrats have also pushed for a monthly stimulus check to be disbursed to American citizens until the fallout from the pandemic reaches a plateau.

However, they have not been successful in these efforts as of yet.

MONEY CLUES

As Americans continue to hold out hope for new stimulus checks, they look for clues from the federal government.

USA Today is reporting that one of the biggest clues about the proposition of more stimulus money is the fact that President Biden is demanding that the corporate tax be raised from 21 percent to 28 percent.

While Democrats are mostly in favor of a stimulus boost, Republicans are citing concerns about the growing budget deficit as to why they’re against it.

Republicans are also against a corporate tax increase.

So far, Biden has not publicly stated whether he supports a fourth stimulus payment.

FED FUNDS

If you still haven’t received your $1,400 stimulus check, there’s a good chance you’ll be receiving it from the federal government and not your state.

Yahoo is reporting that right now, two states — Maryland and California — have disbursed some much-needed relief funds with a little bit of help from the government.

Maryland paid out funds to those who claimed the earned income tax credit — individuals got $300, while families got $500.

California, meanwhile, has the Golden State Stimulus program, « with payments of $600 or $1,200; eligibility is based on tax information from the 2020 state returns being filed this year. »

Allies of President Biden are calling upon him to issue more relief funds to Americans until the fallout from the pandemic subsides.

HOW TO TRACK YOUR PAYMENT IF IT HASN’T ARRIVED YET

An IRS tool can help Americans to track their stimulus check if the relief cash still hasn’t arrived.

The agency rolling out the third batch of payments Congress approved in March, but there is a push to send out a fourth round of stimulus checks.

The IRS is sending out $1,400 stimulus checks on a weekly basis.

This includes the accompanying plus-up payments, $3,600 child tax credit payments, and $16,000 child care tax credit payments.

The Get My Payment tool can help recipients find out when their check is scheduled to be sent, and also tracks if the Covid cash is already on the way.

CASH FOR BROADBAND BILLS & A NEW COMPUTER

Americans feeling the pinch can now get their hands on stimulus cash to help pay for internet bills and a computer.

The program is now accepting applications, which will give families hampered by the impact of the coronavirus pandemic a monthly discount on their web costs.

The helping hand – which was rubber stamped by Congress in December as part of ex-President Donald Trump’s last stimulus package – also lets people get a discount on a new PC.

The Federal Communications Commission will be working with broadband providers to offer up to $50 off internet services plus associated equipment rentals a month or a discount capped at $75 a month on broadband service if your home is on qualifying tribal lands.

People will also be able to apply for up to $100 off a laptop, tablet or desktop computer.

HOW MANY STIMULUS CHECKS WERE SENT OUT IN THE LAST BATCH?

The ninth batch of federal stimulus checks were sent out – bringing the total number of payments to around 165 million – worth a staggering $388 billion.

The latest instalment included almost 1 million payments, adding up to over $1.8 billion.

It included more than 960,000 payments – more than half of which were delivered via direct deposit.

About 460,000 “plus-up” payments were sent to those who missed out on payments due to the IRS not processing their 2020 tax returns yet.

HEALTH INSURERS COULD SEND ANOTHER STIMULUS CHECK

Among the proposals in President Joe Biden‘s American Families Plan is the extension of the Obamacare subsidies, which was originally passed in March’s $1.9trillion American Rescue Plan.

Private insurance companies are expected to shell out $2.1billion in rebates to more than 10.7million policyholders this fall.

The average customer who bought health insurance on the individual market will receive a $299 cash rebate in the fall.

The cash rebates will arrive to customers because a number of insurance companies failed to meet the Affordable Care Act medical loss ratio threshold in 2020.

The threshold required insurers to spend at least 80 percent of premium revenues on health care claims or quality improvement activities.

FOURTH CHECK RIDES ON CONGRESS DECISION

White House Press Secretary Jen Psaki said another round of “direct payments” was dependent on Congress.

“We’ll see what members of Congress propose, but those [payments] are not free,” said Psaki.

Psaki pointed to other ways Biden’s administration is helping to ease the pain of the pandemic’s aftermath.

She called the “historic extension” of the Child Tax Credit allotting families with kids a crucial reprieve by collecting thousands of dollars in write-offs for younger and older kids.

But more may need to be done.

FOURTH & FIFTH CHECKS COULD KEEP MILLIONS OUT OF POVERTY

A report by the Economic Security Project determinedtwo additional stimulus checks will keep more than 12 million people out of poverty.

“Evidence from the last year shows stimulus checks to be the fastest and most impactful investments helping Americans get through this crisis, lifting more people out of poverty than any other single policy,” it read.

The project then went on to call for more rounds of stimulus checks to help lift an additional 12million Americans out of poverty.

The third $1,400 stimulus payment reportedly helped 16million Americans out of poverty.

The IRS began to disburse the fifth batch of relief payments on April 9 that included the $1,400 stimulus checks and 700,000 plus-up payments worth a total of $1.2billion.

THREE STATES THAT EXTENDED TAX DAY DEADLINE

The deadline for filing federal and state returns is on Monday, but you can file tax returns beyond that due date in some states.

The IRS has postponed the original filing deadline from April 15 to May 17 due to issues with staffing, old systems, and the agency’s preoccupation with sending out stimulus checks. 

But if you are living in Iowa, Maryland, or Oklahoma you are eligible to receive an additional deadline extension beyond May 17, according to USA Today.

Around 3.5 million taxpayers in Maryland have until July 15 to file their returns, according to the Comptroller of Maryland. Following the February winter storm that devastated a number of states nationwide, the IRS decided to extend the Oklahoma state tax return deadline to June 15 to help victims affected by the storm.

In Iowa, taxpayers have until June 1 to file their state tax returns, according to the Iowa Department of Revenue.

SEND BACK CHECKS RECEIVED FOR DECEASED RELATIVES

The IRS is warning people to send back any stimulus checks they may have received for a spouse who has passed away.

The $1,400 payments were made based on 2019 or 2020 tax returns, and many people have passed away since those returns were filed.

If you received a check for a late spouse, you may have to send it back, the IRS advises.

“Individuals who were deceased before January 1, 2021, if they received a payment, that money will have to be returned to the IRS,” IRS representative Luis D. Garcia told MLive.

“If you filed a joint return for last year, a 2020 return, you’re eligible for the $1,400.”

FOURTH CHECK IN DOUBT AS CASH DRIES UP

The fight for a fourth round of stimulus checks looks tougher than ever as cash support from the government dries up.

Plans for another lot of payments to be made to hard-hit Americans have been thrown into question as money looks to be running out.

Payments totaling more than $2billion hit bank accounts across the US last week as the IRS sent out a further 1.1million payments as part of Joe Biden’s Covid relief package.

But, to date, that’s the smallest amount handed out since the third round of checks started going out on March 12.

As the cash dwindles it is further casting doubt over the likelihood of a fourth round happening to help cash-strapped Americans.

IRS SENDING $1.8BILLION IN ‘SURPRISE’ STIMULUS CHECKS

Surprise stimulus checks are being dispatched to nearly one million Americans. The IRS has sent out nine batches of the Covid relief payment with the tax agency sending more than $1.8 billion to hard-hit households. 

All of the recipients will have recently filed their taxes, the IRS says. 

Those who submitted your return over the last few weeks, there are two ways you may receive a dose of relief.

More than half a million of the latest payments, totaling more than $1 billion, are going to those who didn’t receive a third stimulus check earlier, because the IRS didn’t know how to reach them with cash, the agency said.

This is because it may not have had up-to-date address or banking information and could not put a direct deposit in or were unable to send a paper check or a debit card.

WHY YOU NEED TO KEEP YOUR IRS NOTICE LETTER

The letter from the IRS, officially called Notice 1444-C, should arrive 15 days after your check to confirm your payment.

Signed by President Biden, the letter will show the amount you were paid and how you received the money.

If you believe you have been sent the wrong amount of money you could hunt down the missing money using the notice.

The IRS also advices you to keep your letter for your 2021 tax records.

If you haven’t received your notice, make sure that the IRS has the correct address. You will need to inform the IRS and USPS if you have moved home since receiving your last check as your notice could have been delivered to that location.

FAMILY OF 4 TO GET $8K MORE IN STIMULUS CHECKS

A family of four will get $8,200 more in stimulus cash under a new American Rescue Plan as more checks are set to arrive this week.

President Joe Biden’s plan will see each parent and child be given $1,400 in direct payments and because of expanded Child Tax Credit, families will also be granted $2,600 more in tax credits.

The additional money is aimed to help families struggling the most in the pandemic.

According to The White House, the Treasury and the IRS are working to ensure that more payments will go out this month with the first checks arriving to some households at the end of last month.

The government’s website states: « The IRS and Bureau of the Fiscal Service are building on lessons learned from previous rounds of payments to increase the number of households that will get electronic payments, which are substantially faster than checks. »

WHAT TO DO IF YOU CAN’T FILE BY MONDAY

If filing by Monday just doesn’t seem possible, as a last resort, Americans can filed for an extension.

This will give you until October 15 to file.

Experts say it’s better to file something or to file for an extension than to miss the filing deadline.

HOW TO GET YOUR MISSING CASH

The IRS has an 800 number that people with questions about their stimulus status can call – 800-829-1040 – but filling out the Rebate Recovery Credit form with your 2020 taxes should still be a priority.

This goes for people who are not normally required to file taxes as well, such as those on Social Security.

When filing for the Recovery Rebate Credit, Americans will be able to claim any missing funds, Garcia said.

That missing cash would then be included with your 2020 tax return.

The quickest way to receive the money is to request direct deposit, rather than a paper check. If you haven’t filed taxes yet, experts recommend doing it online rather than snail mail to ensure a quicker return from the IRS.

JUST ONE DAY LEFT TO CLAIM MISSING STIMULUS CASH

Americans have just one day to claim missing stimulus check money and get cash as part of their 2020 tax returns, the IRS has warned.

The deadline to file taxes is Monday, May 17, and anyone who is missing stimulus cash will need to file for the Recovery Rebate Credit.

If you were eligible and did not receive a check, or believe you did not receive the correct amount, the IRS encourages being vigilant about contacting the agency.

« There is a small number of people who have not received their stimulus payments, » IRS spokesperson Luis Garcia told WANE.

« We ask that they be patient with us and also be persistent in contacting us. »

HOW TO ‘MAKE YOUR OWN STIMULUS CHECK WORTH THOUSANDS’

Covid-hit Americans can make their own stimulus payment as thousands wait for their fourth payment. 

Since the Covid-19 pandemic began shuttering work places around the world, the US has provided three rounds of stimulus checks to eligible Americans.

But those still waiting for their fourth covid relief check can do a number of of personal finance hacks to boost their cash flow.

Click HERE to find out how

RESTAURANTS TO RECEIVE RELIEF PAYMENTS

On Monday, President Joe Biden said thousands of restaurants will receive relief payments – but it was unclear if this was a lead-in for a fourth stimulus check.

“Today, we’re sending out the first relief checks to 16,000 hard-hit restaurants with help for many more to follow,” Biden said.

“A lot more people are going to be employed.”

HEALTH INSURERS COULD SEND ANOTHER STIMULUS CHECK

Among the proposals in President Joe Biden‘s American Families Plan is the extension of the Obamacare subsidies, which was originally passed in March’s $1.9trillion American Rescue Plan.

Private insurance companies are expected to shell out $2.1billion in rebates to more than 10.7million policyholders this fall.

The average customer who bought health insurance on the individual market will receive a $299 cash rebate in the fall.

The cash rebates will arrive to customers because a number of insurance companies failed to meet the Affordable Care Act medical loss ratio threshold in 2020.

The threshold required insurers to spend at least 80 percent of premium revenues on health care claims or quality improvement activities.

LATEST BATCH OF CHECKS SENT OUT

Stimulus checks worth up to $1,400 continue to be sent to Americans across the country as the IRS has released its latest batch.

The bumper package also features 400,000 “plus up payments” and approximately 500,000 people will be receiving checks after filing their tax returns for the first time.

More than 960,000 checks up to $1,400 have been sent out, CNBC reports.

Over half are being sent by direct deposit while the rest are being distributed in paper format.

There are 460,000 plus-up payments which are said to be worth approximately $800million.

First-time checks, worth up to $1billion, will be sent out to over 500,000 Americans nationwide.