As the pandemic continues, the federal government has several economic impact payments that can credit a few hundred dollars to eligible families. The call for a fourth stimulus check also escalates as an online petition for $2,000 payments reaches over 2.9 million supporters.
It is obvious that COVID-19 caused widespread health and economic crisis. Experts said that cost-of-living adjustments (COLA) could reach a new all-time high by next year. This means a much more expensive price tag on groceries, rental fees, bills and other necessities.
Researchers from Capital One Insights Center also emphasized that a fourth stimulus check is critical to American families. An online petition by Stephanie Bonin shared this sentiment on Change.org.
Online Petition for $2000 4th Stimulus Check
Over a year now, Bonin started an online petition for $2,000 monthly payments for the duration of the pandemic. She emphasized that recurring and reliable payments should be provided for families struggling with financial difficulties.
Bonin wrote, "we need immediate checks and recurring payments so that we can keep our heads above water. Congress needs to make sure that we won't be left financially ruined for doing our part to keep the country healthy."
At the time of writing, her online petition reached 2,970,548 million signatures out of its 3 million goal. The number of supporters is a clear indicator of Americans' desire for another wave of stimulus check payments.
Although lawmakers have yet to approve this proposal, they issued a few payment programs to help millions fight against poverty.
No Fourth Stimulus Check Update? 4 Other Payments You Should Know
According to the US Department of Treasury, the government has already issued up to four financial aid programs for eligible families. These programs hope to support the 9.5 million workers who lost their jobs during the pandemic. Long term, these programs also aim to jump-start economic recovery in the country.
Economic Impact Payments
More than $242 billion is allocated to Economic Impact Payments by the American Rescue Plan. Those eligible received up to $1,400 for individuals and $2,800 for married couples. Recipients with children also received an additional $1,400 per dependent.
Child Tax Credit
On top of the economic impact payments, a program that aims to reduce child poverty was launched. The Child Tax Credit provides $2,000 to $3,600 payments to dependents based on their circumstances. Child Tax Credit is fully refundable to low-income households, so recipients should receive the full credit benefit.
Capital Projects Fund
The government aims to support not only individual families but also their communities. Programs like the Capital Project Fund allocate up to $10 billion for states, territories, and tribes to cover the costs for capital projects. One of the most notable projects pitched is the broadband infrastructure which should provide high-quality internet access for remote and rural areas in America.
Homeowner Assistance Fund
The American Rescue Plan credits nearly $10 billion for states, territories and tribes to provide for venerable owners. This aims to minimize foreclosures, alleviate emergency shelter capacity and mitigate potential COVID-19 infections.
Note that these are only some of the ongoing programs active in the country. For more details, Americans are recommended to visit their nearest government agency and inquire about active programs that they can apply to.
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