After the third round of the stimulus check, people in the US are looking for the next stimulus check update to come. Previously, IRS issued more than 168-169 million checks in the third round for stimulus checks. Resultantly, the check helped more than 2 million people in July. In fact, the eligible ones received about $1,400 in checks and $2,800 for the joint accounts.
However, there are people who are looking for the news of the next paycheck. Before that, it’s also worth mentioning the stimulus check in detail, in case you don’t know.
An Overview Of Stimulus Checks
Before we talk about the stimulus check update, it’s essential to know what the stimulus check is, in the first place.
So, a stimulus check is a check that the US govt sent to the people of the US, especially the taxpayers. The whole purpose of the stimulus check is to provide the taxpayers and people of the US with some spendable money to keep the economy in check.
During the covid situation, it was pivotal to maintain the economy. With business being stagnant, unemployment was looking large. That’s why the government had to provide some money to keep the cash flow in the economy intact. In other words, this money helped the people of America to boost the consumption rate.
How Many Checks Did The Govt Issue?
This check is a part of the larger federal stimulus package as we said. After the covid pandemic back in 2020, the government issued three checks to help the people. So, the first one took place in 2020, when the govt had to issue the checks to stop the unemployment crisis from arising.
Therefore, the US govt, under the CARES act had to organize the first round of stimulus payment checks in 2020. As per the reports, around 162 million were made totaling $271 billion.
Next, the govt of the US also called for the next round in 2020, in the month of December. They planned to provide the next set of payments to the people of America. In fact, they provided 600 dollars per person, and an additional sum, for each qualifying child.
Thereafter, with the American Rescue plan, the govt issued the third dose of checks. On 11th March, in 2021, the govt provided the money to eligible people. All of them received about 1400 dollars, and 2800 for joint accounts.
The Next Stimulus Check: All The Details Available
Despite the three checks, a lot of people felt the necessity for more. These checks couldn’t meet the requirement perfectly. In other words, millions of Americans are still in the financial crisis. Moreover, with the spread of the delta variant, people are looking even warier.
Almost one-quarter of people found it difficult to pay the household expenses the previous week. In fact, according to the reports, the unemployment rate is still around 5.2%, which is a bit higher than pre-pandemic stats ( 3.5%). Moreover, the latest round of 1400-dollar checks couldn’t really help people, as most of them spent it within 3 months.
News About Next Check
While it’s true that several states are starting to form their own stimulus checks, officially, there’s no stimulus check update available for the fourth batch. According to social media and eminent scholars, it seems unlikely to get any news about the next set of the check.
However, a lot of people have filed a petition for the 4th check. So, it’s only a matter of time to see whether the govt approves of the next check or not. So, if there’s any stimulus check update, we shall know soon.
Stimulus check has certainly helped people in need. So, people are looking forward to the next batch, if there’s any.