As things begin getting back to normal, people are still trying to figure out what that looks like income wise.
While we saw a few stimulus checks, for many, that wasn’t enough to help relief the burden related to the pandemic.
With that being said, you should be aware that Two New Stimulus Checks May Be On The Way. Here’s What We Know.
In a new letter to President Joe Biden, seven members of the influential Ways and Means Committee have joined fellow members of Congress who support additional stimulus checks.
The letter claims that the American Rescue Plan’s checks alone will keep 11 millions people out of poverty this year, with unemployment insurance expansion and other provisions in the bill accounting for another five million people.
“A fourth and fifth stimulus check could keep an additional 12 million out of poverty,” the legislators claim. They also stated that the combined effects of Biden’s new bill and new stimulus checks could reduce the number in poverty this year from 44 million to 16 million.
Not only would this keep many families out of poverty but it would also help boost the economy due to spending and support job growth.
Now, of course there is some pushback from other Congress members due to data that was obtained saying that there are “a staggering 1.24 million stimulus checks remain unspent from the first coronavirus-era bailout.”
Personally, I do not think that means that people don’t need the money. It could just mean, they are saving it for when things get really bad.
Or, it could mean that while the checks were sent, they were lost in the mail and never receive. I know many people who still haven’t received their stimulus checks even though the IRS says they were sent.
Overall, there is talks about a fourth and fifth stimulus check to help boost the economy the rest of the year but only time will tell if that’ll actually happen.
As soon as we know more, we will let you know! In the meantime, check out everything we know about the Child Tax Credit Direct Payments for Parents Here.