Stimulus check update: Your next payment is coming in just a few days

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BGR 09 July, 2021 - 12:16pm 9 views

Is there a fourth stimulus coming?

While a fourth stimulus check is improbable, more direct payments to Americans have already been signed into law. ... Starting July 15, monthly payments will be issued through December of 2021, with the remainder to be issued when the recipient files their 2021 taxes. CBS BaltimoreFourth Stimulus Check: Is Another Relief Payment Coming?

How much is the fourth stimulus check?

Eligible families will receive up to $1,800 in cash through December via the Child Tax Credit. Eligible taxpayers will receive up to $300 per month this year for each child age 5 or under, or $250 per month for each child between the ages of 6 and 17. FortuneDemand for fourth stimulus check continues to grow

Is there going to be a fourth stimulus check in 2021?

A fourth round of stimulus checks might not be on the board for 2021, but a petition calling for recurring payments has collected 2.5 million signatures. ... Next week, roughly 36 million eligible families are scheduled to receive their first monthly payment of $250 or $300 per kid with the 2021 child tax credit. CNET4th stimulus check update: Everything to know about $2,000 payment petition and more relief money

Will we get monthly stimulus checks in 2021?

The monthly payments will last through the end of 2021. The amount of each parent's total payment depends on their annual income, the number of children and the ages of those children. And, in total, they may add up to more than any of the first three stimulus checks. CBS BaltimoreChild Tax Credit: How Do You Opt Out Of Advance Monthly Payments?

Millions of families are set to receive either $250 or $300 checks for each eligible child they have. The IRS also shared an important update about all this in recent days.

First, a quick recap of the main points to know.

What’s coming are six monthly checks, starting July 15 and ending with a December 15th payment. A previous IRS tally estimated that some 36 million Americans, at least, are eligible to get these payments. Payments, we should add, which aren’t really tantamount to a fourth stimulus check. Even though that’s how they’re structured.

In fact, these are advance payments of half of a tax credit. The $1.9 trillion stimulus legislation Congress passed in March, among other things, expanded the federal child tax credit. So that, now, families with children under age six can get up to $3,600 per child. For kids between the ages of six and 17, the amount is $3,000 for each child.

Half of that amount is coming to families next year as a tax credit. But we’re still living in hard times stemming from the coronavirus pandemic. So rather than make families wait for the full amount, half of it is being out now — albeit stretched out over the six checks.

Along these lines, meanwhile, the IRS has a portal on its website you’ll definitely want to visit if you haven’t already.

The tax agency will send out the new stimulus checks to whatever it has on file for you. Either to your bank, as a direct deposit, or to your address as a paper check. The Child Tax Credit Update Portal on the IRS website lets families easily update their bank account information, if direct deposit is how you’d prefer to get this payment.

For the July 15 payment, families will get their stimulus check according to whatever details the tax agency already has on file. Any update to your stimulus check payment details made at that portal before August 2, however, will apply starting with the August 13 payment and to all payments after that.

This portal also makes it easy if you’d like to stop the monthly payments and get the money all at once, in the form of the tax credit next year. Read more here about why some families might want to do that.

A final, important note to add to this stimulus check update: The IRS is sending most of these six checks out on the 15th of each month. Except for in August. That’s because the 15th falls on a Sunday that month, so the payment will instead come that Friday, the 13th.

Andy is a reporter in Memphis who also contributes to outlets like Fast Company and The Guardian. When he’s not writing about technology, he can be found hunched protectively over his burgeoning collection of vinyl, as well as nursing his Whovianism and bingeing on a variety of TV shows you probably don’t like.

Read full article at BGR

More than 2.5 million signatures request a new stimulus payment

AS English 09 July, 2021 - 07:26pm

As the end to the covid-19 pandemic seems to be in sight many American families are still struggling with the economic fallout. This has prompted calls for additional stimulus checks from inside the government and out, aiding the growing number of signatures to the largest of the Change.org petitions calling for such action.

The US Senate will be back next week to pick up where it left off with negotiations on a $1.2 trillion infrastructure bill. When they return, it has been reported that senators will sit down to fill in the blanks of what will be included and how it will be funded.

From the information that has come out so far, there hasn’t been any sign of a fourth federal stimulus check, nor is there likely to be with the focus on “traditional” infrastructure. That would leave the second bill that has been floated to include parts of Biden’s agenda that were left out and include proposals in the American Families Plan and possibly funding for the 2022 budget. Again though, the chances are slim that any such measure would survive if included.

The White House’s long sought-after bipartisan infrastructure deal could hit the Senate floor as early as the week of July 19 https://t.co/sbqCLaZsxg

The Change.org petition created by Stephanie Bonin, a Colorado restaurant owner, has been gaining traction since its creation last year. The petition calls on Congress “to make recurring checks automatic if certain triggers are met,” so that people will not have to wait around for the government to act. Those recurring checks would be “$2,000 payments for adults and $1,000 payment for kids."

Bonin, who fears for her financial future along with millions of Americans, wants the disbursements to be made monthly until the pandemic ends saying “Otherwise, laid-off workers, furloughed workers, the self-employed, and workers dealing with reduced hours will struggle to pay their rent or put food on the table.”

It has now surpassed 2.5 million signatures with a stated goal of 3 million signatures which would make it one of the top petitions on Change.org.

Fourth stimulus check update: Petitions for $2K monthly payments surpass 2.8 million signatures https://t.co/xpjfurN7dT

There is sympathy in Congress to the plight of struggling Americans, over 80 members of Congress have come out in favor of adopting the measures publicly. They are urging President Biden to support recurring direct cash payments and enhanced unemployment compensation to Americans until the end of the pandemic. There is also a proposal for “automatic stabilizers” whereby if certain economic triggers were hit these programs could be deployed again without the need for legislative action to speed their delivery.

There is even support among the Biden administration for such measures. Speaking before the House Ways and Means Committee last month US Treasury Secretary Janet Yellen said about automatic stabilizers “It’s something I think we should analyze and discuss more. I’m broadly supportive of the idea of making it more automatic.”

The Treasury Secretary though was less convinced about direct cash payments than unemployment insurance. “With respect to stimulus checks, there are different ways and different causes of weakness in the economy,” Yellen said. “Sometimes stimulus checks are a really good approach. Sometime less good. I think we need to look into the economics and consequences of that a little more, but we would be happy to work with you.”

The White House press secretary speaking for President Biden about a fourth stimulus check told the press he is “happy to hear from a range of ideas on what would be most effective and what's most important to the economy moving forward.” However, she added that Biden feels there are other ways that would be more effective in rebuilding the US economy and that the stimulus checks “aren’t free.”

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Demand for fourth stimulus check continues to grow

Yahoo Finance 09 July, 2021 - 07:26pm

More than 2.5 million people have signed a Change.org petition calling for recurring $2,000 payments to adults and $1,000 payments for children. That’s up over 200,000 from a month ago. But the odds of those wishes being fulfilled are long.

The Biden administration has brushed off talk of a fourth round of stimulus checks, pointing instead to the Child Tax Credit, which will begin making the first of six payments into the bank accounts of parents on July 15, and the American Rescue Plan, which is designed to stimulate the economy.

Eligible families will receive up to $1,800 in cash through December via the Child Tax Credit. Eligible taxpayers will receive up to $300 per month this year for each child age 5 or under, or $250 per month for each child between the ages of 6 and 17. Some people signing the petition, though, say that’s not enough.

“Just because the economy has somewhat picked up, the American people had an entire year and a half of a financial setback,” said one signer. Another added “I have been unemployed since December. … I live in fear everyday [sic] because of this virus. I am living in my car. I can't believe it has gotten this bad.”

While it’s not a stimulus check, Biden’s American Families Plan could provide some additional relief, if passed. That plan would extend the $250 monthly Child Tax Credit through 2025.

There has been some additional support for the movement in Washington. At the end of March, 21 Senate Democrats (including Elizabeth Warren and Bernie Sanders) sent a letter to President Biden supporting the idea of recurring payments and automatic unemployment insurance extensions. Little to nothing has been said about that proposal since then, however.

The call for additional stimulus checks comes despite a number of people who still haven’t received their third round $1,400 stimulus checks.

This story was originally featured on Fortune.com

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Stimulus check: More than 2.5 million sign petition for monthly $2,000 payments

Tom's Guide 09 July, 2021 - 07:26pm

Not clear if Washington is listening, though

The petition was launched in March 2020 by Vermont resident (and Denver restaurant owner) Stephanie Bonin and her husband when then-president Donald Trump and Congress were negotiating the CARES Act, which provided the first round of $1,200 stimulus checks. 

Bonin urged that Congress "support families with a $2,000 payment for adults and a $1,000 payment for kids immediately," and to continue doing so for "the duration of the [coronavirus] crisis."

"We have been left with no babysitter to be able to continue with a job. Still struggling very much," writes another. 

In fact, many states have recently ended supplemental unemployment payments in hopes of encouraging people to return to work, though it's not clear whether those weekly checks are the primary cause of a hiring shortfall for low-income jobs. 

This expanded benefit provides up to $3,600 per child ($300 per month) under age 6 and up to $3,000 per child ($250 per month) age 6 through 17, with half of the amount available in advance. 

Families with incomes above $75,000 for individual filers and $150,000 for married filers are still eligible for the regular pre-2021 credit of $2,000 per child under age 17, but they won't qualify for the advance monthly payments.

While there have been a number of proposals tossed around among lawmakers to provide more stimulus relief, none have moved forward, and very little has been said on the issue in recent months.

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This push for a fourth stimulus check would give you $2,000/month until the pandemic ends

BGR 09 July, 2021 - 07:26pm

If, and it’s a big if, one does end up coming to fruition at some point in the back half of 2021, however, we’ll at least partly owe that fourth COVID-19 payment to Denver restaurant owner Stephanie Bonin. She launched a Change.org petition calling for exactly this. More stimulus, but not merely a one-and-done new stimulus check. No, she’s pushing for recurring checks — for $2,000 per month, until the pandemic finally ends.

That might sound like a stretch, but here’s the thing. Her petition has now garnered more than 2.5 million signatures. And that number keeps climbing. “Our country is still deeply struggling,” the petition notes. “Moving forward, Congress needs to make recurring checks automatic if certain triggers are met. No more waiting around for our government to send the help we need.”

The thing to keep in mind, which complicates any discussion about a fourth stimulus check, is the following. A whole new round of stimulus check distribution is about to begin. It’s not a fourth check, even though sequentially it technically is by virtue of coming after the third stimulus check.

Nevertheless, these forthcoming payments — which begin next week — are a kind of advance payment of a tax credit. A quick recap:

The first in a new six-month series of stimulus checks is coming one week from today, on July 15. It’s the result of an expanded tax credit that millions of families are getting, half of which will come next year — while the other half arrives in increments. Once a month, starting July and running through December.

President Biden hasn’t said anything concrete about fourth stimulus checks yet. He has, however, gone on record in support of extending this federal tax credit we’ve just noted, which is the federal child tax credit.

March’s $1.9 trillion stimulus legislation is what already expanded that child tax credit once. The way this credit is structured, it looks like Americans are getting six new stimulus checks in the coming months — even though this is all really part of one thing.

These new checks that are related to the child tax credit, meanwhile, are also the wild card in any discussion about a fourth COVID-19 related payment. Acclimating families to expect a stimulus check once a month, and then to have those checks dry up come January of 2022, might be politically problematic. Especially with next year being a crucial midterm election year.

Our take: If anything new gets done about all this, it’ll be more child tax credit stimulus checks. As opposed to stimulus check #4.

Andy is a reporter in Memphis who also contributes to outlets like Fast Company and The Guardian. When he’s not writing about technology, he can be found hunched protectively over his burgeoning collection of vinyl, as well as nursing his Whovianism and bingeing on a variety of TV shows you probably don’t like.

Stimulus check update: Biden under mounting pressure as MILLIONS of Americans demand another payment...

The Sun 09 July, 2021 - 07:26pm

News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services.

STRUGGLING Americans are calling on Congress and President Joe Biden to pump more money into the economy after suffering during the Covid-19 pandemic.

More than 2.5million signatures were recorded asking the federal government to bankroll another round of aid claiming there are too many who are still struggling by the disease that grounded the globe to a halt for most of 2020.

The chorus of Americans pushing for not only a fourth stimulus, but a steady stream of Covid cash signed a Change.org petition seeking a $2,000 per month payment for every adult American, another $1,000 per child, according to the site.

“Our country is still deeply struggling,” an update on the petition reads

“The recovery hasn’t reached many Americans – the true unemployment rate for low-wage workers is estimated at over 20 percent and many people face large debts from last year for things like utilities, rent, and child care."

It challenged people to demand more from the government. 

“No more waiting around for our government to send the help we need. Sign to join our movement to get recurring checks to the people.”

The petition has adopted the hashtag #moneyforthepeople, and gone on to earn one of the top slots on the platform.

Setting up a recurring program that puts cash in Americans’ pockets initially was proposed in the Senate back in May 2020. 

That’s when then-Senator Kamala Harris of California teamed up with Senators Bernie Sanders of Vermont and Ed Markey of Massachusetts to introduce a bill that guaranteed a sum of $2,000 per month for each individual and up to $10,000 per family until the pandemic waned, according to CNBC.

However, there is no evidence or a telltale sign that President Biden or Congress are going to seek a fourth stimulus, despite the demand.

White House Press Secretary Jen Psaki was noncommittal when pressed about the prospect of another round of aid as part of Biden’s $1.9trillion America Rescue Plan. 

“He’s happy to hear from a range of ideas on what would be most effective and what’s most important to the economy moving forward,” Psaki said.

“But he has also proposed what he thinks is going to be the most effective for the short term for putting people back to work, to getting through this pivotal period of time and also to making us more competitive in the long term,” she added, according to Penn Live.

"We’ve already sent more than $160million checks out the door. It’s making a difference.

"For many people, it’s making all the difference in the world."

Second $600 Golden State Stimulus check: do I need to file another tax return?...

The Sun 09 July, 2021 - 07:26pm

News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services.

CALIFORNIANS will soon receive their second $600 stimulus checks as the second round of payments will be sent out in the coming weeks.

It comes after last week, state lawmakers approved another round of extra cash- here is what you need to do to know.

The checks will be sent based this year's taxes and are targeted at taxpayers who earn $75,000 or less and didn't receive a check in April.

 The California Franchise Tax Board (CFTB) has stated it will release more information on the checks as soon as it becomes available.

The state suggests those who have not filed their taxes yet, need to send in a return.

California has extended the deadline for taxes to October 15- in the case the CFTB receives a return by this date, they will send a check.A one-time $600 payment

Californians who qualify for the stimulus checks will receive a one- time $600 payment or a one-time $1,200 payment by direct deposit or by mail.

Those who have already submitted a tax return do not need to file it again.

The second stimulus check is part of Gov. Gavin Newsom’s proposals and sees families receiving an extra $500 while illegal immigrant families are set to receive  $500 payments.

Newsom’s proposals mean that around two in every three families in the Golden State will receive a check.

The federal government previously passed three rounds of stimulus checks to help Americans during the Covid-19 pandemic.

During the first round of payments, Americans were told to wait around two weeks for direct deposits, and four-six weeks for paper checks.

The "Golden State Stimulus II," as the round of checks has been dubbed, was first proposed in May.

Californian lawmakers have also approved a $5.2billion plan to pay off all unpaid rent for lower-income residents.

4th stimulus payment update: $2,000 check petition and 2021 relief money

msnNOW 09 July, 2021 - 07:26pm

While stimulus checks have been plenty popular, that doesn't mean Congress is considering another one. Some lawmakers had called for more relief aid during the spring, but now many in Washington argue that stimulus money should be lower on the agenda given signs of an economic rebound. New jobless claims have dropped since the start of the pandemic, with 373,000 claims (PDF) as of July 3. Last month's bipartisan infrastructure deal didn't include any additional money for individuals or families.

However, online petitions for more stimulus payments are gaining public support. A popular Change.org petition states: "The true unemployment rate for low-wage workers is estimated at over 20% and many people face large debts from last year for things like utilities, rent and child care." Next week, roughly 36 million eligible families are scheduled to receive their first advance monthly payment of up to $300 per kid with the 2021 child tax credit

So what does this mean for recovery from the pandemic, and for the future of a fourth stimulus check? As for other money matters, the federal expansion of the child tax credit gives parents the option of receiving advance monthly checks this year or one lump sum for up to $3,600 next year. Here's how to check on your tax refund if you haven't received it yet, and what to know about the unemployment tax break. We continue to update this story with new information.

A current Change.org petition, which has collected more than 2.5 million signatures, calls on Congress to send out a fourth stimulus check of $2,000 for adults and $1,000 for children on a monthly recurring basis throughout the remainder of the pandemic. The petition notes that "the recovery hasn't reached many Americans" and points to the need for immediate checks and recurring payments so that "we can keep our heads above water." 

According to a recent study, 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 $2,500. For many struggling families, that's not enough to bounce back from lost wages and benefits. While the Change.org petition is close to becoming one of the most popular on its website, whether it will have any effect is another question. 

Since the American Rescue Plan became law in March, the White House proposed two packages -- the American Jobs Plan and the American Families Plan -- neither of which called for more stimulus aid. On June 3, a White House press conference indicated that efforts would focus on the infrastructure spending package. President Joe Biden is "open to a range of ideas" regarding stimulus aid, White House Press Secretary Jen Psaki said, but he already put forward what would be "the most effective for the short term."

The new scaled-back compromise of the bipartisan infrastructure deal, which the White House announced on June 24, doesn't include anything related to "human infrastructure" -- it doesn't address child care, improved wages or job training. At the same time, the announcement states, "President Biden remains committed to the comprehensive agenda laid out in the American Jobs Plan and American Families Plan."

It's been some months since Democratic members of the House and Senate argued for another stimulus check. In late March, a group of lawmakers asked Biden to include regular stimulus payments in his next stimulus package. In May, several members of the House Ways and Means Committee made a similar request. Citing increased poverty and spiraling debt among Americans, they noted that "most people spent relief checks on monthly expenses or essentials such as food, utilities, rent and mortgage payments."

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What to know about 2021 relief money that's already been approved

The American Rescue Plan Act of 2021 from March contained three types of direct payments to individuals:

Stimulus checksStimulus payments of up to $1,400 have gone out to those who meet the requirements. There's also money going to certain individuals in the form of "plus-up" payments

Child tax credit: A temporary expansion of the child tax credit for 2021 sends qualifying families up to $3,600 for each child -- you can calculate your child tax credit total here. These monthly partial payments, which will begin this month, will last through the end of the year, with a final payment in 2022. 

Federal unemployment bonus: A weekly $300 unemployment bonus was extended to Sept. 6, as Pandemic Unemployment Assistance was to gig workers and freelancers (the self-employed). However, over half of state governments have since chosen to opt out of the extended benefits before Sept. 6, so millions of jobless Americans in those states were cut off from those funds as early as mid-June.

If Washington approves more money through other means

There's a lot to consider when evaluating the future of stimulus aid for families. The White House could put additional cash in the pockets of Americans in the following scenarios: 

If it makes the child tax credit raise permanent: Money from the expanded child tax credit is set to start next week with monthly payments to lower- and middle-income families with children. In a July 7 speech on the Build Back Better Agenda for Working Families, Biden called to extend the expanded child tax credit to 2025. Other aspects of the American Families Plan related to health care costs and medical leave have also yet to be negotiated. 

If it passes a minimum wage hike: Some senators continue to look for ways to boost the federal minimum wage, which stands at $7.25 per hour. A few proponents want to set the bar at a $15 hourly wage, and others are looking to only go up to $11 an hour. In recent years, many states, localities and businesses have implemented minimum wage increases above the federal level. However, the discussion of a new national rate of $15 an hour has hit a roadblock in recent months, and the likelihood of it being enacted anytime soon is low.

If it renews federal unemployment bonuses beyond the fall: Some lawmakers originally petitioned for federal unemployment assistance to extend beyond Labor Day. However, dozens of states have already cut off extended benefits early, and enhanced unemployment relief is not likely to continue beyond the expiration date in other states. On June 4, Biden indicated that the temporary boost in jobless benefits should expire in early September as planned.

In the meantime, here's what to do if there's a problem with your stimulus check. And here's what we know about the new IRS portals that'll help you get money via the child tax credit checks that will start on July 15.

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What's behind the push for a fourth stimulus check

CBS News 09 July, 2021 - 06:15am

So far, the federal response to the economic crisis caused by the coronavirus pandemic has delivered $3,200 to each eligible adult: $1,200 under the Coronavirus Aid Relief and Economic Security Act in March 2020; $600 in a December relief measure; and $1,400 under the American Rescue Plan signed in March by President Joe Biden. 

Despite that financial assistance, millions of Americans remain in financial distress, with about 4 in 10 people saying their income remains below its pre-pandemic levels, according to a survey from financial services firm TransUnion. 

Nationwide, about 14.6 million people are receiving some form of jobless assistance. The unemployment rate stands at 5.9%, far higher than its pre-pandemic level of 3.5%. And while businesses are hiring, there are still nearly 7 million fewer people are on payrolls today than before the pandemic. A quarter of Americans struggled to pay their household expenses in the previous week, according to Census survey data from mid-June.

For many people, in short, the latest round of $1,400 checks may not last long — an issue that is on the minds of many Americans who continue to struggle with joblessness and a weak labor market. Indeed, more than 2.5 million people have signed a Change.org petition started last year that calls on lawmakers to pass legislation for recurring $2,000 monthly payments. 

Some lawmakers have picked up the idea. Twenty-one senators — all Democrats — signed a March 30 letter to Mr. Biden in support of recurring stimulus payments, pointing out that the $1,400 payment being distributed by the IRS won't tide people over for long. 

"Almost 6 in 10 people say the $1,400 payments set to be included in the rescue package will last them less than three months," the senators wrote in the letter. 

Meanwhile, millions of California residents may be in line to get a fourth check via a new effort from Governor Gavin Newsom. His plan would send $600 stimulus checks to state residents under a multibillion-dollar spending plan he introduced in May, with about two-thirds of Californians possibly receiving a stimulus payment under his proposal.

The letter from the U.S. senators doesn't specify how large are the payments they are seeking, but a separate effort from Democratic lawmakers in January pushed for $2,000 monthly checks until the pandemic ends. Instead, the American Rescue Plan authorized $1,400 for each eligible adult and dependent. 

Even so, some families will get another form of stimulus aid beginning on July 15 when the IRS deposits the first of six cash payments into bank accounts of parents who qualify for the Child Tax Credit (CTC).

Eligible families will receive up to $1,800 in cash through December, with the money parceled out in equal installments over six months from July through December. The aid is due to the expanded CTC, which is part of President Joe Biden's American Rescue Plan. 

Families who qualify will receive $300 per month for each child under 6 and $250 for children between 6 to 17 years old. That could provide aid for parents who are struggling to afford basics like child care, groceries and other household expenses. 

"Many people are going to be surprised when that first check comes in," said Greg Nasif, political director of Humanity Forward, a nonprofit pushing for recurring stimulus payments. "That obviously is going to add to the surge in popularity for the checks."

The IRS on Wednesday said it will hold events in 12 cities events to help people who don't normally file a federal tax return to register to get the monthly CTC payments. The events will be held on July 9-10 and operate in cities ranging from Atlanta to Washington D.C. (To see the list of locations, click here.)

Families may enjoy more of a tax break in coming years, if Mr. Biden's American Families Plan moves forward. Under that plan, the Child Tax Credit's expansion would last through 2025, giving families an additional four years of bigger tax breaks for children.

So far, people who have received the three rounds of stimulus payments said they're using most of the funds to pay down debt or sock away the money in savings, according to a recent analysis from the Federal Reserve Bank of New York. That could indicate that people are using the money to whittle down debt they incurred during the pandemic as well as to build up an emergency fund in case of another shock. 

Still, many people said they planned to spend their stimulus funds on the basics — food and housing costs were cited as the top two uses of the third stimulus check following savings, according to a February poll from Bloomberg/Morning Consult. 

Almost 7 in 10 Americans who have received, or believe they will soon get, a third payment say it's important for their near-term finances, Bankrate.com said in April. That's down from about 8 in 10 people in March 2020, when the pandemic caused widespread unemployment, but overall the share of people who need additional support remains elevated more than a year later, according to the personal finance firm.

About 1 in 3 people said the stimulus aid would help support them for less than one month, the survey found.

Millions of Americans were spared hardship due to the three rounds of stimulus payments, researchers have found. But when stimulus has faltered, such as last fall when Congress was deadlocked on another round of aid, hardship increased "markedly" in November and December, according to a May analysis of Census data from the University of Michigan.

Some top economists have called for more direct aid to Americans. More than 150 economists, including former Obama administration economist Jason Furman, signed a letter last year that argued for "recurring direct stimulus payments, lasting until the economy recovers."

Although the economy is improving, millions of people continue to suffer from reduced income and have not been able to tap government aid programs, Nasif said. Only 4 in 10 jobless workers actually received unemployment aid, according to a March study from economist Eliza Forsythe. 

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.

"You'll see reports about how the economy is starting to grow, but there are a lot of Americans living paycheck to paycheck, and for a lot of them the government relief programs haven't been able to help," Nasif said. 

Don't hold your breath, according to Wall Street analysts. "I think it's unlikely at this time," Raymond James analyst Ed Mills told CNBC. One reason is that the Biden administration is focused on advancing its nearly $2 trillion infrastructure plan, which would reshape the economy by rebuilding aging schools, roads and airports, as well as investing in projects ranging from affordable housing to broadband.

The proposal, which the White House says would be funded by boosting the corporate tax rate from 21% to 28%, may be "tougher to pass" than the relief bill that provided the $1,400 checks to most Americans because of opposition from both Republicans and some Democrats, noted Stifel chief Washington policy strategist Brian Gardner.

Even so, only about one-third of Americans believe the American Rescue Plan will help them a lot, according to a poll from Politico-Harvard. That suggests some households feel they need more aid to help get through the next several months. 

At the same time, the economy is expected to rebound this year thanks to rising COVID-19 vaccination rates and as states start to reopen. JPMorgan Chase CEO Jamie Dimon predicted in his latest annual letter to shareholders that an economic boom could last into 2023

"[W]ith excess savings, new stimulus savings, huge deficit spending, more [quantitative easing by the Federal Reserve], a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom. This boom could easily run into 2023 because all the spending could extend well into 2023," Dimon wrote in the April 7 letter.

That could diminish the rationale for the government offering more direct aid, especially if the jobless rate recovers and more workers come off the sidelines. 

By year-end, the nation's unemployment rate could fall to 4.3%, according to Oxford Economics. Even so, the path to recovery "remains long" as there are still 4 million workers who have dropped out of the workforce, noted Oxford Economics economists Oren Klachkin and Gregory Daco in a research note. 

"Looking ahead, the labor market is poised for an impressive run as expanding vaccine distribution, more reopenings and fiscal stimulus drive a hiring surge," they forecast.

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More than $1.7B of stimulus check money has been unclaimed – did you get yours?

The US Sun 08 July, 2021 - 08:31pm

News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services.

AMERICANS are letting over $1.77billion worth of Covid-19 cash go unclaimed.

Internal Revenue Service (IRS) records show that the country turned away or simply failed to cash 1,315,717 checks  - that’s a whopping $1.77billion of unclaimed stimulus from the first round of stimulus checks issued during former President Donald Trump’s fiscal response to the pandemic.

The forsaken amount was tallied after IRS released records to KDVR.

It’s the same cost estimated to build the California bullet train project and matches the construction bottom line to erect the new 65,000 seat Las Vegas Raiders NFL stadium.

Predictably, the five most populist US states left $650million of the total on the table. 

California claimed the title with the most uncashed stimulus checks with 130,243, followed by Florida with 96,342 and Texas was third with 96,918. New York and Pennsylvania followed close behind, according to KDVR.

The money is part of the financial relief supplied by the federal government as part of the $1.9 trillion American Rescue Plan secured by President Joe Biden.

In order to not let it go to waste, there are some key ways to collect.

Already, Americans who have been suffering the financial blows brought on by the pandemic have seen more than 163million payments sent out worth approximately $390billion.

There are also $10,200 refunds coming to Americans who have filed unemployment taxes earlier this year and earned less than $150,000 in modified adjusted gross income.

Still, with all of the chances to collect, many continue to wait for their stimulus check to arrive or don’t realize that they may be entitled to collect. 

With tax returns being pushed to May 15, the IRS started doling out stimulus payments "on a weekly basis" to limit errors and avoid an overwhelming backlog, the IRS stated in March.

As of last month, the most recent third-round sendout, Covid-19 relief checks reached $4.2billion. 

There were more than 1.2million direct deposits and about 1.1million paper checks of Economic Impact Payments (EIP) that arrived through snail mail, Yahoo! News confirmed. 

The IRS Get My Payment supports eligible individuals and families get daily updates on their stimulus check statuses.

If any issue arises with overpayment the site provides alerts and details to help people resolve them.

The IRS determines eligibility based largely on tax returns. 

So if you have fallen off the books or moved or had a radical life change, they cropped a tax software program to get current and then possibly make it easier for a check to be sent. 

And should a paper check or EIP debit card be the form of payment coming in the post, then there’s a nifty tool that the US Postal Office tool called Informed Delivery.

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