The federal US government has already sent out three stimulus checks to help with the impact of the ongoing financial crisis. The chaotic events of the past year caused a global downturn in economic output, putting the federal government on the hot seat for figuring out how to pull the US people through. In a whirlwind of legislation, the government authorized stimulus checks, federal unemployment benefits, and some of the boldest spending plans yet seen in the US.
The question remains, however: will there be a fourth stimulus check? After all, the situation that kicked off the economic instability is still ongoing. While things are getting better, financially and globally, the problem persists. Is there enough political momentum to secure a fourth stimulus, or is such a bill unlikely in the current version of Congress?
White House Offering No Pressure
With the previous three checks, the White House was applying pressure to the president’s majority in the Senate to pass the bills. However, currently, the Biden Administration has not officially called for a third stimulus to be a priority for Congress. This makes it somewhat questionable whether the Senate will have the votes to push it through.
Some moderates in the Democrat wing of the Senate might not sign off on further spending. West Virginia Senator Joe Manchin, for instance, is significantly more moderate than many of his colleagues and has been a consideration for much of Biden’s agenda in Congress.
What Happens If It Passes?
If a fourth stimulus check does pass, it will most likely be distributed the same way as the previous three. That means that if you receive your tax refund by direct deposit, you’ll get your stimulus check straight into your bank account. This is the fastest way to get your money back from the government, so it’s preferable. There are so many flexible options available for free checking accounts (with mobile checking and apply online). If you don’t currently have direct deposit set up with the IRS, it’s not a bad idea to get that done sooner rather than later.
If you get your taxes back through a mailed check, then you’ll get your stimulus the same way. Likewise, this applies to prepaid debit cards as well. Assuming the stimulus check is signed off by Congress in the next few months, it would presumably use your preferences from your 2020 tax returns. If you’ve yet to file your 2020 taxes by the time Congress passes the next stimulus, then they’ll most likely use your 2019 taxes to determine your eligibility and how to get you the money.