Is a Fourth Stimulus Check Ever Coming? Does Biden’s New Plan Change Anything? Here’s the (Harsh) Truth
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At the same time, the talks revolved around a fourth stimulus check and President Biden's American Families Plan.
See: Is the American Family Plan Too Expensive? Take our survey
Search: Fourth Stimulus Checks Now On The Table - How To Get The Money
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Both could offer Americans direct payments and benefits - but are they the same?
In short, no.
Biden's American Families Plan is draft law that must be approved by Congress before it becomes law - and the benefits are paid out to you. The media have touted the proposed benefits as a kind of “fourth incentive,” as many families will receive money this year in addition to the other three incentive payments already made.
See: You May Have More Incentive Money - Here's What To Do With It
Finding: A petition with over 2 million signatures requires $ 2,000 monthly stimulus reviews for every American
Most of this money is used for parents in the form of an extended child tax credit. This tax credit is used to make payments to parents for children up to the age of 17 from July through December as part of the US rescue plan's COVID relief and stimulus package.
This has been labeled as a form of the "fourth stimulus" for those who were able to take advantage of it, as it is a temporary benefit that is included in the COVID stimulus and relief bill. It's important to note that this is a separate bill that was passed as part of the American bailout plan and is completely separate from the American family plan that was introduced last week.
Biden suggests extending this temporary loan to 2025 by making it part of his new legislation, the American Families Plan, by essentially borrowing the loan from one plan and transferring it to another.
See Biden's American Family Plan Extends Extended Child Tax Credit
Find: Your third stimulus check could be eligible for a bonus payment
This extended tax credit would not be available to as many people as a stimulus test. This special credit is only available to parents.
There was also extensive coverage of Bonus Plus Up payments for those who received a stimulus check based on a tax return for 2019 but had changes to their 2020 return that qualify them for extra cash. This bonus is linked to the stimulus payments and is available to qualified citizens, regardless of whether they have children or not. You may have heard of these payments as some sort of fourth incentive too, but in reality they are adjusted payments based on your 2020 tax return.
As for a fourth incentive, there is still no official information on whether this will happen at all. Over 70 lawmakers have pushed for this to be achieved, but nothing of real significance has come to fruition.
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This article originally appeared on GOBankingRates.com: Will a fourth stimulus check ever come? Will Biden's new plan change anything? Here is the (hard) truth
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