The American Rescue Plan Act of 2021 is also called the COVID-19 Stimulus Package. This is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021. This was proposed to speed up the country’s recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession.
The IRS has issued more than 169 million payments in the third round of direct stimulus aid, with more than 2 million people in July receiving the $1,400 checks. However, some lawmakers have been pushing for a 4th stimulus check.
https://www.youtube.com/watch?v=LVhwzPS6wjA
Why The 4th Stimulus Check?
So far, the federal response to the economic crisis caused by the coronavirus pandemic has paid out $3,200 to eligible adults. $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. The spread of the Delta variant is creating new economic headwinds. A newfound struggle with finances has unfolded. The unemployment rate stands at 5.2% which is very high. And while businesses are hiring, there are still fewer people on payrolls today than before the pandemic.
Economists are signaling alarm over the spread of the Delta variant, with Oxford Economics recently cutting its forecast for 2021’s global economic growth to 5.9% from 6.4%. Overall, some experts feel the rise of Delta Variant may lead to more economic burns. Thus the need for a 4th stimulus check is felt by many.
Is a 4th #stimuluscheck coming? Many say, people are in dire need. But Biden is not releasing a 4th check. Others say stop giving out free money, and end the labor crisis. But, it had little impact on #jobs. One thing is for sure, there're good-paying jobs available. #jobseekers pic.twitter.com/KVoxiyGi9o
— DaMar Staffing (@DaMarStaffing1) October 4, 2021
When will the fourth stimulus check be paid?
As yet there are no concrete plans to release the fourth check. And until there is legislation contrary to that, nothing will happen. There is no guarantee that further relief money is coming at all, never mind the value of it. Although as we saw with Biden’s first plan after the January 20 inauguration, the IRS can begin sending out checks rather quickly once plans are finalized. Some states are however sending out stimulus money on their own.
Moreover, with vaccinations rising, the nation’s economy continues to recover. Looser restrictions have helped businesses and jobs are available in many sectors. Many industries are even complaining of worker shortages, which are leading to wage increases. The number of new unemployment claims remains lower than it has been for much of the pandemic. Confidence and stability remain higher than it’s been for much of the pandemic.
Economists suggest that the worst of the financial effects of the COVID-19 pandemic are over. Which would in turn mean a fourth stimulus check is rather unlikely. This is the overriding feeling within congress as well.
Stay tuned with Stanford Arts Review for the latest update.
