The pandemic has adversely affected the economy of millions of people in the United States of America. President Joe Biden had come up with an American rescue plan which involves sending stimulus checks to the taxpayers from march 2020. Till date 2 such packages have been sent out. People are still receiving their 3rd stimulus package.
What has happened till now
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The first stimulus check of $1,200 was given out during the early stages of the pandemic when the trade had come to a standstill and many people had lost their jobs. This was followed by a $600 check in the month of December 2020. In the most recent round of distributions, checks of $1,400 are being distributed. These stimulus packages were based on the tax returns of 2019.
Since these packages were based on 2019 tax returns, now after compiling 2020 returns , people might get additional benefits in the form of “plus-up” payments. This is given after considering certain points. Addition of a member or decrease of net income during the year 2020 are some of the categories.
Updates on the 4th stimulus check
A group of 21 senators and about 70 house lawmakers urged Biden to release more money from the funds saying that the previously released funds weren’t enough. They asked the president to give monthly stimulus. The 4th stimulus will help around 7.2 million families in the country.
4th stimulus Amount
Though the prospects of the amount to be given out is still unclear, the amount which will be sent will be distributed to all the taxpayers, non-taxpayers, federal beneficiaries and even the homeless. If given out the amount could be anywhere between $1000-$2000 and be given out within the next 3-4 months.
This amount is being given to the citizens to help the countries economy. Increasing the expenditure by the people and to even to help the helpless people who have lost their jobs due to the pandemic. The child tax credit of $3000-$3600 is ready to be given out from July. It will be given out in monthly installments of $250 or $300 up till December. The 4th stimulus amount will definitely be of help to most of the families.
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