HomeNewsIRS Stimulus Checks: Inside the Push for a Potential 4th Round of Payments

IRS Stimulus Checks: Inside the Push for a Potential 4th Round of Payments

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With the most recent round of COVID-19 relief stimulus payments reaching American bank accounts, the push for another round is underway.

In the third round of stimulus checks, most individuals took in a payment of $1,400. The Internal Revenue Service says it has issued around 159 million individual payments with more still to come. CBS News reports there are still about two million more payments set for delivery in the coming days. Most Americans received their stimulus via direct deposit but others took payment via physical check or prepaid debit card.

Through three rounds of stimulus payments, qualifying individuals have received $3,200 in funds. The first round of stimulus checks went out in March of 2020. Dubbed the Coronavirus Aid Relief and Economic Security Act, eligible individuals received $1,200. Later in the year, additional payments of $600 were made as part of federal pandemic relief. President Joe Biden’s American Rescue Plan, which includes the $1,400 payments, comes a full year after initial stimulus payments went out.

Now, federal lawmakers have begun the push for a fourth round of pandemic relief stimulus payments.

Despite federal aid providing a helping hand, Americans continue to struggle with the harsh reality of a global pandemic. Numerous small businesses have had to shut down. Many individuals lost their jobs during the early going and have yet to find work. Unemployment numbers are reaching all-time highs across the country. In the United States alone, more than 30 million cases of coronavirus have been reported. That number has resulted in well over a half-million deaths in the country, according to Statista. A survey conducted by TransUnion, shows about 40 percent of Americans say their income remains below their pre-pandemic earnings.

Stimulus Payments Subject of Letter to President Biden

In a letter to President Biden, 21 Democratic members of Congress say they are in favor of recurring stimulus payments until the pandemic subsides. The letter outlines the support for more payments and unemployment insurance to be in Biden’s economic planning.

“We urge you to include recurring direct payments and automatic unemployment insurance extensions tied to economic conditions in your Build Back Better long-term economic plan,” the letter emphatically states.

The letter from the U.S. Senator goes on to say that Americans fear that $1,400 simply will not last long enough. Many individuals say they will have to spend their stimulus money on basics like food and housing expenditures.