Ethen Kim Lieser
economy, Americas
Anxiety levels of millions of financially struggling Americans have been ticking up due to the fact that the current third round of stimulus is in its final weeks with roughly 90 percent of all checks already sent out to eligible individuals.
Over the past year, Congress has approved the delivery of three direct stimulus payments to most Americans—a $1,200 check in April 2020, $600 in December, and the current $1,400 payments approved under President Joe Biden’s $1.9 trillion American Rescue Plan.
Stimulus Rumor Mill
Despite the fact that three sizeable checks have been distributed to many Americans, there are still calls to quickly pass legislation that would green-light a fourth round of stimulus funding. Prospects for another round remain unclear but that hasn’t stopped people from adding to rumor mills regarding more stimulus checks awaiting to be disbursed to eligible Americans.
For example, some social media accounts are declaring that everyone will receive a $2,500 stimulus check on July 31. This appears to be tied to a lack of understanding about how legislation works.
Back in May, one particular social media post stated that a stimulus check worth $2,000 would be arriving by Memorial Day weekend to all eligible individuals. The Facebook post, which since has been flagged for misinformation, was shared more than two hundred times.
Fourth Round Momentum
Meanwhile, there appears to be growing momentum regarding a fourth round of stimulus, as millions of Americans continue to remain stuck in financial distress amid the ongoing pandemic. This past spring, nearly two dozen Democratic senators signed off on a letter to Biden that supports issuing to Americans recurring stimulus payments.
“While we are pleased that the American Rescue Plan included a one-time direct payment and an extension of federal unemployment insurance programs, a single direct payment will not last long for most families,” the senators stated in the letter.
“This crisis is far from over and families deserve certainty that they can put food on the table and keep a roof over their heads,” they added.
While millions of Americans continue to hold their breaths regarding future stimulus, know that the expanded child tax credits, which began heading out to eligible Americans on July 15, are expected to greatly assist struggling families.
Thanks to Biden’s stimulus legislation, parents are now able to collect as much as $3,600 per year for a child under the age of six and up to $3,000 for children between ages six and seventeen. This means that a $250 or a $300 payment for each child will be deposited into the bank accounts of eligible parents on a monthly basis through the end of the year.
Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.
Image: Reuters
